Cyprus Business Now: tourism, weekend work, banking, technology, startups, Keve
The surplus corresponded to 1.5 per cent of GDP, compared with a surplus of €600.60m, which was equivalent to 1.6 per cent of GDP, during the same period of 2025.
Total revenue increased by €194.00 million, or 5.4 per cent, reaching €3.81 billion, up from €3.61 billion in the first quarter of 2025.
The statistical service also reported that revenue from taxes on income and wealth rose by €107.80m, or 10.9 per cent, amounting to €1.09bn compared with €985.90m a year earlier.
Moreover, social contributions increased by €86.00m, or 7.3 per cent, reaching €1.26bn from €1.18bn in the corresponding period of 2025.
The company’s first quarter report for 2026 highlighted that these industries, which form the backbone of the island’s digital economy, are among the most frequently targeted globally.
According to the findings, banks accounted for 22.8 per cent of DDoS incidents, followed by payment systems at 15.9 per cent and betting platforms at 10.0 per cent.
Together, these three sectors represented nearly half of all recorded attacks during the first quarter of the year.
The report also pointed to a growing shift towards more complex and sustained cyberattacks, increasing the level of disruption faced by businesses operating in availability-critical sectors.
Representing over 20 million businesses, Eurochambres serves as the primary voice for European chambers of commerce and SMEs by connecting local entrepreneurs with EU policymakers to drive economic growth.
“The appointment is a significant recognition of Keve’s role at European level, while also strengthening Cyprus’ contribution to shaping EU policies in employment, skills development and vocational education and training,” the chamber stated.
According to Keve, the development enhances the country’s institutional presence in European decision-making processes, particularly in areas that directly affect businesses and the labour market.
This places Cyprus second only to Greece, which recorded the highest share at 31.5 per cent, while Malta followed with 29.2 per cent.
The figures highlight the prevalence of weekend work in Cyprus compared with other EU countries, where rates are significantly lower in several cases.
Across the EU as a whole, 21.3 per cent of employed people aged between 15 and 64 usually worked during weekends in 2025.
Specifically, the Cyprus Statistical Service (Cystat) on Monday reported that total traveller arrivals reached 7,102,208 in 2025, marking an increase of 13 per cent when compared with 2024.
At the same time, departures totalled 7,076,521, corresponding to an increase of 12.8 per cent year-on-year.
Air traffic accounted for 96.8 per cent of both arrivals and departures, underlining the dominant role of aviation in Cyprus’ connectivity.
Tourist arrivals rose by 12.2 per cent, reaching 4,534,073 in 2025, compared with 4,040,200 in the previous year.
The data also showed that non-financial corporate assets amounted to €78.4 billion, with sector debt reaching €39.2 billion, equivalent to 107 per cent of GDP.
According to the CBC, household financial assets were distributed across several categories, reflecting the composition of savings and investments.
Specifically, 53 per cent of household assets were held in cash, deposits and loans, while 3 per cent were in debt securities, 26 per cent in shares and 17 per cent in other financial instruments.
Household debt totalled €19.8 billion, with the corresponding debt ratio at 54 per cent of GDP, marking a slight decrease compared with the previous quarter.
Specifically, the bank stated that it repurchased a total of 586,307 own shares between April 27, 2026, and April 29, 2026, at an average price of €3.8409 per share.
These specific acquisitions represented a total investment of €2,251,934.77 and were executed through Eurobank Equities Single Member Investment Firm S.A.
The initiative served as a continuation of a broader scheme originally approved by the annual general meeting of shareholders of Eurobank Ergasias Services and Holdings S.A. on April 30, 2025.
The deputy ministry confirmed the visit in a post on Monday, stating that the trip forms part of ongoing efforts to deepen cooperation between Cyprus and the United States.
During the visit, Damianou is scheduled to hold contacts with state officials, focusing on expanding collaboration in key sectors linked to digital transformation and technological development.
The visit also includes participation in a roundtable discussion organised by Invest Cyprus in collaboration with fDi Intelligence, the Financial Times’ investment-focused publication, aimed at promoting Cyprus as a modern and reliable business and investment destination.
The initiative reflects Cyprus’ broader strategy to enhance its international profile in innovation and attract high-quality investment, particularly from major global markets such as the United States.
The board of directors approved the audited consolidated financial statements and the audited financial statements of the parent company, marking the formal completion of the reporting process for the year.
The company also approved a proposal to the annual general meeting for the payment of a final dividend of 5.88 per cent, equivalent to 2.0 cents per share.
In addition, the board set the date of the 2025 annual general meeting for June 18, 2026, to be held at the company’s head offices in Larnaca.
During the year under review, Petrolina operated a total of 95 fuel stations across Cyprus, of which 22 are located on privately owned land, reflecting the scale of its nationwide network.
The company reported a profit before tax of €10.93 million for 2025, compared with €2.09 million in 2024, indicating a substantial improvement in performance.
In total, the firm acquired 4,050 own shares at a consistent purchase price of €1.455 per share.
The data provided by the company shows the total volume was split into two distinct transactions occurring on the same day.
The first transaction involved the purchase of 75 shares, while the second and much larger trade saw the acquisition of 3,975 shares.
According to the association, the average price difference between the most expensive supermarket and the cheapest is around 60 per cent, with Athienitis currently ranking as the cheapest supermarket, with a basket of 230 common projects costing €864.69 as of May 2026.
Referring to a survey of 335 products from a supermarket participating in e-kalathi, the association said that the selling prices of its products appeared to be very high compared to the average selling price of other supermarkets participating in e-kalathi, with a the difference exceeding 100 per cent for a certain number of products.
The association said that since April 14, noticeable price increases began to occur for products included in e-kalathi.
The conference, titled “Intelligent Skies, Secure Seas The AI Impact on ICT”, will be held at Columbia Plaza and focus on connectivity, cybersecurity and artificial intelligence.
The event will begin with opening remarks and keynote addresses from representatives of the shipping and innovation sectors.
The first session will focus on satellite communications and connectivity, exploring how vessels operate in an “always-on” environment shaped by low earth orbit satellites and 5G technologies.
Discussions will examine the realities of bandwidth demands and operational connectivity, including a debate aimed at separating marketing claims from technical capabilities in satellite communications.
Specifically, the Turnover Value Index of Retail Trade rose by 7.8 per cent year-on-year, compared with the corresponding month of the previous year.
At the same time, the Turnover Volume Index increased by 5.8 per cent on an annual basis, indicating growth in both value and real terms.
Speaking to Phileleftheros, Stournaras stressed that Greek and Cypriot banks are entering a period of increased instability from a position of strength, alongside other European institutions.
“I would like to underline that Greek and Cypriot banks, as well as other European banks, are entering this period of increased uncertainty with strong fundamentals,” he said.
At the same time, he pointed to more constrained fiscal conditions across several eurozone economies compared with previous crises.
“In contrast with the previous crisis, and partly because of it, the fiscal starting point in the current environment is less favourable for many significant eurozone economies, implying limited fiscal space,” he explained.
Referring to Greek banks’ expansion in Cyprus, Stournaras said it offers opportunities for revenue diversification beyond the domestic Greek market.
“The level of reservations is increasing at a very slow pace for a sense of well-being to be created and for the cancellation scenario of the last two months to be reversed for the rest of the summer. This worries us. We are monitoring it closely,” he said.
According to Angelides, hotel occupancy rates for the summer currently range between 40 and 50 per cent, compared with nearly 75 per cent during the same period last year.
“Our responsibility is to manage this as an industry and as a state. Many thousands of families depend on tourism, as do thousands of professionals. We must protect jobs,” he said.
The Founder Institute focused on the earliest stages of company formation by launching its first cohort of over 20 founders in April.
At the same time, Plug and Play opened an innovation centre in Nicosia to bridge the gap between local startups and international corporate partners and investors.
These global platforms signaled a transition for Cyprus, repositioning the country as a mature regional technology hub and a gateway to international markets.
Greek fintech giant Qualco Group acquired a 34 per cent minority stake in Resitech for €640,000 to integrate blockchain-based property management into its financial services.
Shortly after, Golden Age Capital secured a majority stake in Moving Doors as part of a €6 million Series A round to accelerate the company’s expansion across Europe and Dubai.
These strategic investments highlighted a maturing ecosystem where over 14 local companies, ranging from AI-driven marketplaces to construction tech platforms, gained significant international traction.