Cyprus Business Now: surplus, shipping, tourism, debt, Invest Cyprus, Egypt
The results, which were audited and verified under the Excessive Deficit Procedure framework of the European Commission, showed that the surplus corresponds to 3.4 per cent of GDP, while public debt stood at €20.08bn, equivalent to 55 per cent of GDP.
The statistical service also reported that total government revenue in 2025 increased by €1.17bn, or 7.9 per cent, reaching €15.92bn compared with €14.75bn in 2024.
Revenue from taxes on production and imports rose by €62.0 million, or 1.3 per cent, to €4.74bn, although net VAT revenue declined by €16.0 million, or 0.5 per cent, to €3.15bn.
At the same time, social contributions increased significantly by €385.4m, or 8.5 per cent, reaching €4.91bn.
At the same time, Demetris Chrysostomou, the group’s chief executive officer for Asia, was named deputy chief executive officer, in a move aimed at strengthening Columbia’s leadership and regional presence.
O’Neil said his role at Columbia had been to deliver transformational change and that this task had now been completed.
“My job at Columbia was to bring about transformational change and that task has now been completed. It is time to hand over the reins and to seek fresh challenges. I know I leave Columbia in very safe hands and in a very good shape,” he said.
In a statement, the association said the initiative recognises organisations, companies and individuals that have driven substantial progress in gender balance, diversity and inclusion across shipping.
More specifically, the awards honour practical action, innovative approaches and leadership aimed at creating fair, respectful and inclusive workplaces, both at sea and on land.
The awards are organised by WISTA Cyprus, with the support of WISTA International, the European Commission’s Women in Transport, the Cyprus Presidency of the Council of the European Union and leading maritime stakeholders.
The expanded cooperation framework in the field of investment was signed on behalf of Cyprus by Invest Cyprus director general Marios Tannousis and on behalf of Greece by Enterprise Greece president Dimitris Skalkos.
The signing took place on Tuesday, April 21, during the 2nd Cyprus Business Presentations Conference in Athens, organised by Financial Media Way (FMW).
The event, held under the theme of “the new changes in the tax system of Cyprus”, took place in the presence of institutional economic stakeholders and business figures from both countries.
According to a statement by the Labour Ministry, Mousiouttas paid an official visit to Cairo from April 20 to 22, leading a delegation and meeting Egyptian Labour Minister Hassan Radat El Sayed.
During the meeting, the two ministers discussed the memorandum of understanding (MoU) signed in June 2024 between Cyprus and Egypt, which concerns the employment of Egyptian workers in Cyprus and, according to the statement, marks an important step in bilateral relations.
Mousiouttas said the memorandum provides “a comprehensive and reliable framework” for safe, legal and mutually beneficial labour mobility, while also helping address the needs of the Cypriot labour market with full respect for workers’ rights and dignity.
Specifically, the figures showed that Cyprus was among only a handful of countries to achieve a government surplus (3.4 per cent of GDP), alongside Denmark (2.9 per cent), Ireland (1.8 per cent), Greece (1.7 per cent) and Portugal (0.7 per cent).
Cyprus and its fellow fiscal outliers mentioned above defied the deficit-heavy trend seen across the rest of the EU.
In addition, according to preliminary fiscal results released by the Cyprus Statistical Service (Cystat), the country recorded a budget surplus of €1.24 billion, reflecting a solid performance in public finances.
The laws had been voted by a rushed House plenum on April 6. The parliament’s finance committee will convene on Thursday to examine the referrals before they are sent to the plenum later in the day to be voted on before parliament is set to dissolve ahead of the May 24 parliamentary elections.
Director of the president’s office Victoras Papadopoulos said “the government approaches the issue of foreclosures and protection of debtors with seriousness and aware of its social dimension, pursuing functional and fair solutions.”
Greek interests ordered 102 vessels in the January-March period, up from 33 a year earlier, as total global contracting climbed to 422 ships from 315 in the same period of 2025.
The rebound was led by a decisive shift back into tankers. Greek owners booked 63 tanker newbuildings in the first quarter, up from 13 a year earlier, with activity heavily concentrated in the larger crude segments.
That included 24 VLCCs and 23 Suezmaxes, underlining what Xclusiv described as an “outsized” Greek role in the latest ordering cycle.
While the latest messages are seen as more encouraging than before, demand remains weak and the industry appears to be entering a period in which coordination, image management and targeted support will become increasingly important.
That was the picture outlined during Monday’s expanded meeting at the Deputy Ministry of Tourism, where stakeholders discussed the latest data and the next steps needed to contain the damage and gradually improve conditions.
Speaking to Politis, Cyprus Tourism Enterprises Association (Stek) director Chrysaimili Psilogeni said “the meeting provided an opportunity for a detailed discussion on the impact of the current crisis on tourism and, more specifically, on the hotel industry.”
The CBC reported that the average monthly number of registrations dropped by 47 per cent in the main file and by 23 per cent in the preliminary list of the Central Information Register (CIR).
More specifically, average monthly registrations of natural and legal persons stood at 9 in the main file and 10 in the preliminary list in 2025, compared with 17 and 13 respectively in 2024.
According to the report, the figures reflect the continued decline in the use of cheques as a means of payment, as well as a broader shift in the market towards electronic transactions.
The event is being organised by the chamber in its capacity as an EEN occupational safety and health ambassador, in cooperation with the department of labour inspection and the Enterprise Europe Network Cyprus.
According to the announcement, the seminar aims at enhancing business resilience and sustainability through remote working, while providing practical guidance to companies operating in Cyprus.
The organisers stated that the initiative seeks to inform and support businesses on the existing regulatory framework, including the rights and responsibilities governing remote work arrangements.
The company’s impressive performance at this year’s event centred on its technological initiatives and innovative applications, which are designed to streamline operations and elevate the customer journey.
This commitment to operational excellence was reflected in a total of six accolades, consisting of four Gold and two Silver awards.
The company achieved Gold status in the categories of Best Paperless Digital Initiative for the Myeurolife App, alongside Best Risk Mitigation Initiative, Best Compliance / Regtech / KYC Initiative, and Best Datawarehouse – Advanced Data Processing Initiative for its Corporate Governance & Data Quality Platform for the Artificial Intelligence era.
“Let’s not leave our dreams turn into ashes!” was set as the central message of this year’s public awareness campaign, highlighting the importance of fire safety and prevention measures.
The initiative, held from April 20, 2026 to April 26, 2026, is taking place under the auspices of Justice Minister Costas Fytiris, reinforcing its national significance.
The launch of the week’s activities was marked by a press conference held at the headquarters of ERB Cyprus Insurance Holdings, bringing together key stakeholders.
The session, titled “The USA Market High-Value Clients & High-Trust Expectations,” focused on how Cyprus can strengthen its position as a trusted gateway for American investors and multinational businesses.
According to an announcement from the chamber, the discussion “provided a timely and thought‑provoking discussion on how Cyprus can further strengthen its position as a trusted gateway for American investors, innovators, and multinational enterprises“.
The chamber added that participants explored “the evolving expectations of US clients, the types of structures and services they value most, and the growing opportunities for Cyprus across international tax, cross‑border transactions, IP, technology, and corporate relocation“.