Cyprus’ economy grew by 25.8 per cent in real terms between 2019 and 2024, recording one of the strongest expansions in the European Union since before the Covid-19 pandemic, according to Eurostat figures comparing economic performance across the bloc’s regions.
The increase placed Cyprus well above the EU-wide growth rate of 5.6 per cent over the same period, highlighting the island’s economic expansion between the final pre-pandemic year and 2024.
The figures come alongside more recent data showing that Cyprus recorded the EU’s highest government surplus in 2025 and the largest quarterly decline in public debt relative to gross domestic product (GDP) in the second quarter of 2026, underlining the country’s recent economic and fiscal performance.
Eurostat’s regional comparison covered 244 regions across the EU for which data were available, with 197 recording higher levels of economic activity in 2024 than in 2019.
GDP fell in 46 regions, while the Spanish region of Ciudad de Ceuta recorded no change, the European statistical office reported.
Cyprus’ 25.8 per cent expansion was among the strongest increases recorded across the bloc, although it remained below the exceptional growth rates registered in Ireland and several other regions.
Ireland’s Eastern and Midland region recorded the EU’s largest increase, with real GDP rising by 38 per cent between 2019 and 2024.
The region also had the highest GDP per inhabitant in the EU in 2024, the latest figures showed.
Ireland’s Northern and Western region followed with growth of 36.4 per cent, the second-highest rate across the bloc, while its Southern region recorded an increase of 26 per cent, the sixth-highest.
Outside Ireland, the strongest increases were recorded in Romania’s Bucureşti-Ilfov region, where GDP grew by 33 per cent, Malta, at 32.9 per cent, and the French outermost region of Mayotte, at 32.1 per cent.
Almost all EU capital regions recorded economic growth over the five-year period, with Helsinki-Uusimaa in Finland the sole exception, registering a real GDP decline of 1.9 per cent.
At the other end of the scale, Bulgaria’s Yugoiztochen region recorded the largest contraction, with economic output falling by 20.5 per cent.
Greece’s Dytiki Makedonia region experienced a decline of 18 per cent, while the Dutch region of Groningen contracted by 14 per cent.
Romania’s Sud-Muntenia and Sud-Vest Oltenia regions recorded decreases of 13.5 per cent and 11.3 per cent respectively.
It should be noted, however, that unlike larger EU countries, which are divided into several statistical regions for this comparison, Cyprus is treated as a single region because of its size, meaning the 25.8 per cent growth figure reflects the performance of the entire national economy rather than differences between individual areas.
Stronger public finances
The regional growth figures provide a longer-term perspective on Cyprus’ economic performance, while the latest public finance statistics offer a more recent picture of the country’s fiscal position.
Cyprus recorded a government surplus of 3.6 per cent of GDP in 2025, the highest in the EU, according to figures published by the Cyprus Statistical Service (Cystat) and Eurostat on Wednesday.
The surplus amounted to €1.36 billion, with public revenue reaching almost €15.9 billion, based on audited and verified figures compiled under the European Commission’s Excessive Deficit Procedure.
Moreover, government debt stood at €20.05bn, equivalent to 52.3 per cent of GDP.
Cyprus was one of only five EU member states to record a government surplus last year, alongside Denmark at 2.9 per cent of GDP, Greece at 2 per cent, Ireland at 1.8 per cent and Portugal at 0.7 per cent.
The country also recorded the bloc’s largest quarterly reduction in government debt relative to GDP in the second quarter of 2026.
The debt-to-GDP ratio fell to 48.5 per cent at the end of June, down from 51.5 per cent in the first quarter and 58.1 per cent in the second quarter of 2025.
General government gross debt declined to €19.2bn at the end of June, compared with €20.03bn at the end of March and €21.7bn a year earlier.
Films like A24's buzzy Elizabeth Holmes documentary that pull the curtain back on fame and tabloid scandals are what’s working in global markets, the MIA Market in Rome heard on Thursday.
Safe Bulkers has taken delivery of Kypros Island, the first methanol dual-fuel bulk carrier to join the Cyprus register, after Shipping Deputy Minister Marina Hadjimanolis named the new vessel at a shipyard in China.
Built by Japan’s Tsuneishi Shipbuilding at its Zhoushan yard, the 81,200-deadweight-tonne Kamsarmax is also the first ship of its kind to enter Safe Bulkers’ fleet. Although designed to carry everyday dry bulk cargoes such as grain, iron ore and coal, it can operate on either methanol or conventional marine fuel.
Its delivery gives Cyprus a first foothold in this emerging part of the dry bulk market, where alternative-fuel vessels remain far less common than in container shipping. For Safe Bulkers, meanwhile, it puts a sizeable investment in cleaner ship technology to work.
The project has close ties to Limassol. Back in October 2023, Tsuneishi announced a two-ship order involving Safe Bulkers and Japanese trading group Itochu Corporation. The contracts for the methanol-fuelled Kamsarmax carriers were signed at Safe Bulkers Tower in the city, with delivery envisaged between the second half of 2026 and the first half of 2027.
Kypros Island was launched on June 25 at Tsuneishi’s shipyard on Xiushan Island, near Zhoushan. The newbuild subsequently underwent preparations for delivery, with sea trials scheduled for October 11 to 16, before its formal naming by Hadjimanolis during her working visit to China.
The ship’s design goes beyond its choice of fuel. Tsuneishi has modified the hull to improve efficiency and introduced aerodynamic features aimed at reducing wind resistance. A large methanol tank has also been placed towards the stern, allowing the vessel to retain much of the cargo capacity for which the Kamsarmax class is known.
A second methanol dual-fuel Kamsarmax is expected to follow in January 2027. Together, the two vessels form part of a wider renewal programme through which the company is replacing older tonnage with ships designed to consume less fuel and meet more demanding environmental standards.
In its latest published fleet update, covering July 24, Safe Bulkers reported 46 vessels with combined capacity of about 4.5 million deadweight tonnes, alongside an orderbook of ten newbuildings scheduled for delivery through 2029. It had also completed environmental upgrades on 25 existing ships, including measures to reduce resistance in the water and improve energy efficiency.
The arrival of Kypros Island comes as Cyprus seeks to draw more modern tonnage to its flag. Hadjimanolis has spent much of October meeting shipowners, shipbuilders and maritime executives in Japan and China, promoting the register and the wider services offered by the island’s shipping industry.
At a reception in Tokyo on October 15, she said the Cyprus register had grown by 27 per cent since September 2023, reaching its highest level in 25 years. The addition of the Safe Bulkers vessel therefore comes at a time when the government is pressing both to expand the flag and to attract newer, more efficient ships.
There is a regulatory reason for that push, too. The European Union’s FuelEU Maritime rules, which began applying in January 2025, gradually tighten the limits on the greenhouse gas intensity of energy used by ships calling at European ports. Shipowners are also preparing for further international requirements as discussions continue at the International Maritime Organisation (IMO).
However, methanol is not automatically a low-carbon answer. Although it can reduce certain air pollutants, its overall climate benefit depends on how the fuel is produced. Renewable methanol offers a much stronger emissions case than methanol made from fossil fuels, while availability and cost remain hurdles for operators.
That distinction matters as shipping companies decide where to invest. Kypros Island gives Safe Bulkers the flexibility to use methanol as cleaner supplies become available, without relying on a single fuel today. And for Cyprus, it brings that shift into the national fleet under a name that leaves little doubt about the vessel’s connection to the island.
Genikes Insurance has revised its privacy statement to clarify how it processes customers’ personal data and protects their rights, the company announced on Thursday.
The revised statement explains how the insurer handles personal information and safeguards consumer data, while providing customers with information about the use and security of their data.
The document is available on the company’s website, as well as at Genikes Insurance branches.
The revision follows the requirements of the European Union’s General Data Protection Regulation (GDPR), Regulation (EU) 2016/679, which establishes rules governing the processing of personal data and the protection of individuals’ privacy.
It also takes into account Cyprus’ Law 125(I) of 2018, which provides for the protection of natural persons with regard to the processing of personal data and the free movement of such data.
Genikes Insurance said the revision reflected its commitment to comprehensively protecting and respecting personal data.
Cyprus is receiving up to 35 per cent fewer parcels from outside the European Union, although the volume of goods being imported has barely changed, as shoppers adjust to new customs charges ahead of a further increase on November 1.
The latest figures from the Customs Department point to a change in purchasing habits rather than a corresponding decline in demand, with consumers increasingly combining several products into a single shipment.
Customs Department spokesman Giorgos Constantinou has told Politis that parcels arriving from third countries have fallen by 30 to 35 per cent since the EU introduced a temporary €3 customs duty on July 1.
However, while shipments previously contained an average of one or two declared product categories, that number has now risen to four or five, leaving the overall volume of goods declared at roughly the same level.
The figures offer a clearer picture of how Cypriots are responding to the charges. Rather than abandoning cheaper international platforms, many appear to be changing how they place their orders.
Indeed, when the duty was first introduced, the July figures showed that more than 100,000 parcels, containing approximately 400,000 declared product categories, had entered Cyprus during the first 15 days of the month.
At the time, Constantinou maintained that purchases from platforms such as Temu and Shein remained attractive despite the additional cost. The latest figures now point to a shift in shipping patterns, although they do not establish whether consumers are spending more or less overall.
The next change comes on November 1, when a new €2 EU handling fee is due to take effect, bringing the combined customs charges on qualifying low-value imports to €5 per distinct product category.
The distinction is important. As explained in earlier reporting, the €3 duty is not imposed simply on each parcel or individual article, but according to the customs classification of the goods it contains.
Under the new arrangements, a parcel containing five identical T-shirts would generally attract €5 in combined charges, while one containing a T-shirt, a watch and a handbag could incur €15, provided the items fall under three different tariff classifications.
Nor does the €150 threshold apply equally to both measures.
The temporary €3 customs duty concerns qualifying consignments worth up to €150, which previously benefited from an exemption. The new €2 handling fee, however, will apply to qualifying online purchases shipped directly from outside the EU regardless of their value.
For more expensive consignments, the handling fee will therefore be added to the normal customs duties applicable to the goods.
Crucially, the charges are imposed on the businesses responsible for importing or declaring the products, rather than automatically billed directly to consumers.
That does not mean shoppers will escape the cost. Online sellers, platforms and delivery operators may incorporate the charges into their prices or recover them from customers, either at checkout or before delivery.
Furthermore, VAT remains payable, although it may already be included in the price charged by the retailer. Consumers should therefore pay attention to the final amount rather than the advertised cost of individual products.
The rules also depend on where goods are dispatched from. Products already imported and released for free circulation within the EU are not treated in the same way as goods shipped directly to consumers from third countries.
For the Customs Department, meanwhile, the July duty is already generating substantial sums.
Constantinou estimated monthly revenue at between €1 million and €1.5 million, although the figures remain provisional. Under the EU’s customs revenue arrangements, 75 per cent is allocated to the European budget, with Cyprus retaining the remaining 25 per cent.
The measures form part of a much wider attempt by Brussels to deal with the enormous growth in low-value imports.
According to European Commission figures, almost 5.9 billion low-value items entered the EU in 2025, compared with 4.6 billion in 2024, an increase of approximately 26 per cent. More than 90 per cent originated from China.
The scale of those shipments has increasingly strained customs administrations, while raising concerns about competition between European retailers and overseas businesses selling directly to consumers.
European companies importing goods in bulk have generally been subject to customs duties, whereas overseas sellers could previously benefit from the exemption on individual consignments below €150.
Brussels argues that removing that advantage will help establish fairer competition while improving oversight of goods entering the European market.
There are also concerns about product safety.
Targeted inspections conducted across the EU in 2025 found that more than 60 per cent of the products examined in categories including toys, cosmetics, electronics, food supplements and protective equipment failed to comply with European requirements.
The findings did not represent all imported goods, but highlighted the difficulty of checking such large volumes of products.
The Commission’s wider customs data also showed that inspection rates had fallen to just 65 items per million imported in 2025, despite nearly 388,000 controls being carried out.
Constantinou said the additional €2 fee was intended to help cover these growing demands, including investment in artificial intelligence, risk-analysis systems, specialised equipment and additional personnel.
Such systems are designed to help customs authorities identify suspicious shipments and focus physical inspections on products presenting a higher risk.
The changes will also bring stricter information requirements. From November 1, product identifiers will become mandatory in relevant import declarations, improving authorities’ ability to trace goods and identify potentially dangerous products.
Under the EU’s broader reform, the temporary €3 duty is scheduled to end in July 2028, when normal customs tariffs will replace the flat-rate system and the EU’s centralised customs data platform begins operating for e-commerce.
The EU customs guidance sets out the transition, which will also place greater responsibility on online platforms and sellers for customs compliance.
For Cyprus, however, the more immediate test will come in the weeks ahead. With Black Friday and Christmas shopping approaching, the Customs Department expects the coming period to provide a better indication of how the additional fee affects demand, delivery patterns and purchasing decisions.
Comparisons should also become more reliable, as Cyprus only began systematically recording these imports through its own electronic customs system in October last year. Previously, some declarations were processed through other EU member states.
What remains to be seen is whether the new charges will be enough to encourage consumers to buy more from European retailers, or whether the price difference will continue to make international platforms attractive.
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