Growth is expected to range between 2.9 per cent and 3.1 per cent during the period, with the public debt projected to drop to 43.3 per cent of GDP by 2028.
The framework outlines the government’s economic policy goals and strategic priorities for at least the next three years. In the introduction, the ministry stated that “due to geopolitical developments, the short-term priority of economic policy is to limit the financial impact,” while at the same time structural reforms remain a key focus.
The ministry explained that future budget ceilings for each ministry, deputy ministry and independent authority will be based on macroeconomic and fiscal forecasts and on commitments under the National Medium-Term Fiscal and Structural Plan 2025–2028. “The goal of fiscal strategy is to safeguard the sustainability of public finances, to achieve policy priorities,” the ministry said.
For the first quarter of the year, revenue from tourism totalled €278.3 million, up 24.6 per cent from €223.3 million in the corresponding period of 2024.
According to the announcement, average spending per tourist rose by 15.3 per cent year-on-year, reaching €644.65 in March 2025, compared to €558.88 in March 2024.
The report also showed that daily expenditure also increased notably, from €75.52 to €89.53.
British tourists remained the largest market, comprising 30.7 per cent of total arrivals in March. They spent an average of €78.87 per day.
The meeting allowed for the exchange of technical expertise, experiences, and facilitated a discussion on best practices in supervising electronic money and payment institutions. According to a statement issued by the CBC on Friday, similar meetings are scheduled to follow with technocrats from the Central Bank of Ireland.
Moreover, the CBC said that enhancing the supervision of these institutions remains a key priority. As part of this effort, the central bank has developed a comprehensive licensing and supervisory strategy for the sector, following an in-depth study conducted by an international firm.
The event was jointly hosted by the Ministry of Maritime Affairs and Insular Policy of Greece, the International Chamber of Shipping (ICS), and the Union of Greek Shipowners (UGS).
The summit brought together leading policymakers and chief executives from the maritime and energy sectors to address the shifting geopolitical landscape, regulatory fragmentation, decarbonisation strategies, and the urgent need to invest in seafarer training and recruitment to safeguard the future of global trade.
Ministerial attendees included Prime Minister of the Greece Kyriakos Mitsotakis, Greek Maritime Minister Vassilis Kikilias, European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas, and top officials from China, Egypt, Malta and Cyprus.
The bonds in question include one with a nominal value of €8.2 million, and another worth $12.2 million.
The interest rates on these bonds are 6.50 per cent and 8.50 per cent per annum respectively.
The interest is calculated using the actual number of days for each period divided by 365 days, or 366 in a leap year, and is paid twice a year at the end of each period.
For the current cycle, the interest period began on December 29, 2024, which was also the end date of the previous period, and ends on June 29, 2025, but not including that date.
The bank has estimated that the interest payable for the euro-denominated bond will be 3.241 per cent, while the interest payable for the dollar-denominated bond will be 4.238 per cent.
The turnover value index for wholesale trade, except of motor vehicles, recorded an annual increase of 4.8 per cent compared to the same period in 2024, reflecting a continued upswing in the broader wholesale distribution market.
Within this category, wholesale trade of household goods posted the highest growth, with a 12.4 per cent annual increase, followed by wholesale of other machinery, equipment and supplies, which rose by 7.1 per cent.
What is more, food, beverages and tobacco also showed solid performance, registering a 6.8 per cent year-on-year increase.
The announcement followed a review of the independent auditors’ reports included in the annual financial statements for the year ending December 31, 2024.
The companies affected by this decision include Philoktimatiki Public Ltd, Display Art Plc, and Regallia Holdings & Investments Public Company Ltd.
Of the total number of shares bought, 28,564 were purchased on the Cyprus Stock Exchange and 153,585 on the Athens Stock Exchange. The highest price paid per share was €6.22 on the Cyprus exchange and €6.26 on the Athens exchange, while the lowest price paid was €6.08 on both exchanges.
What is more, the volume-weighted average price paid was €6.16 on the Cyprus Stock Exchange and €6.18 on the Athens Stock Exchange. The company stated that “the total shares purchased of 182,149 will be cancelled towards the end of the buyback programme”.
These transactions form part of Bank of Cyprus’ intention to buy back up to €30 million worth of shares, a programme that was initially announced on February 18, 2025.
The initiative, known as “Get Ready for Japan”, is a two-week programme designed to help European entrepreneurs better understand Japanese business practices and communication styles.
The training will run in two parts, with the first session taking place online from October 20-24, 2025, and the second in Tokyo from November 10-14, 2025.
The announcement also mentioned that applications must be submitted by September 4, 2025.
The paper, published by the Cyprus Centre for European and International Affairs at the University of Nicosia, also calls for a new social contract to accompany this shift, aiming to better reflect the needs of modern society.
The authors argued that two decades after EU accession, the country has failed to reap the expected benefits.
“A typical example is the fact that the purchasing power of Cypriots in 2023 remained at the same level as in 2008, despite the increase in GDP,” they said.
This, they added, reveals a stark reality that “the real well-being of citizens has not only not improved but has remained stagnant for 15 years.”
The appointment is seen as a milestone not only for Cyprus but for the global maritime industry, as Kazakos steps into the role at a time of mounting regulatory and geopolitical pressure on international shipping.
The event was attended by President Nikos Christodoulides, who formally welcomed him into the position, emphasising the strategic importance of the moment for Cyprus.
After more than two decades at the helm of the Cyprus Shipping Chamber (CSC), where he was credited with raising the island’s profile in international maritime circles, Kazakos now brings his experience to the ICS, representing more than 80 per cent of the world’s merchant fleet.
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