Cyprus Business Now: GDP, Finance Minister, shipping, CSE privatisation, RIF
According to a flash estimate by the Cyprus Statistical Service (Cystat), Cyprus’ seasonally adjusted gross domestic product increased by 3.6 per cent year-on-year in the third quarter of 2025.
Cystat said that the positive GDP growth rate is mainly attributed to the sectors wholesale and retail trade and repair of motor vehicles, information and communication, and hotels and restaurants.
This marks the fourth consecutive year Cyprus participates with an official mission, underscoring the country’s growing role in Europe’s innovation scene.
“Cyprus is now home to a new generation of visionary founders who are proving that innovation knows no borders,” said Theodoros Loukaidis, Director General of RIF.
“Through the Research and Innovation Foundation’s flagship programmes, we enable Cypriot startups to grow stronger, attract private investment, and scale their ideas globally,” he added.
“Theoretically, Cyprus could be in a position to establish a really strong capital market,” Lokhov said. “It could serve as a bridge between Europe, the Middle East and emerging economies, acting as a door into the European capital market.”
He believes that Cyprus has the potential to compete with countries such as Luxembourg and Ireland, particularly if the country focuses on developing its capital markets through modernisation and better regulatory alignment.
“Cyprus could really compete with financial hubs like Luxembourg or Ireland,” he added. “It has the location, the talent and the regulatory framework as part of the European Union, but it needs to strengthen its capital markets infrastructure to reach that level.”
He also mentioned that growth in the third quarter, compared with the previous quarter, stood at 0.9 per cent, reflecting continued economic momentum.
“These figures confirm the dynamism of the Cypriot economy, which during a period of heightened uncertainty, mainly due to geopolitical developments, continues to record high growth rates and, indeed, in combination with zero inflation and full employment conditions,” he said.
Referring to data from Eurostat, the minister said that Cyprus’ 3.6 per cent growth rate during the third quarter of 2025 is significantly above the European average, which stands at 1.4 per cent in the euro area and 1.6 per cent in the European Union.
In an interview with Entrepreneurial Limassol, a periodical published by the Limassol Chamber of Commerce and Industry (Evel), Hadjimanolis said that this year’s Maritime Cyprus conference “has now become an institution and one of the largest maritime conferences in the world”.
She added that it “exceeded all expectations” in terms of turnout and the quality of panel discussions.
Hadjimanolis mentioned that the presence of shipowners, regulators, senior executives and international organisations, including the IMO Secretary-General and two EU Commissioners, demonstrated both the weight of the event and the broader support for Cypriot shipping.
As she explained, this support comes at a crucial moment. Shipping will feature prominently in the first half of 2026, when Cyprus holds the Presidency of the Council of the EU.
In an announcement, the chamber said it “welcomes the decision of the Council of Ministers to establish the University School of Marine Sciences in Larnaca”, describing it as “a long-standing request of the chamber and the local community“.
The chamber added that the initiative represents a “significant step for the academic and economic development of the city”.
Addressing a conference on the matter of hydrogen in Limassol, he spoke of hydrogen’s “decisive contribution to the new European energy reality” and said that Cyprus is participating in the European network of network operators for hydrogen (Ennoh), which aims to organise the European Union’s hydrogen transmission networks.
Ennoh membership, he said, will “strengthen [Cyprus’] capacity in research and development”, with the horizon of the end of 2027 set for “both power generation and transportation”.
Plans for enlarged use of hydrogen do not come without drawbacks, however, with Papanastasiou pointing out that Cyprus’ “lack of water” – something he described as “a critical factor for hydrogen production” – may present a “challenge”.
The total assets of investment funds reached €7.89 billion in September 2025, up from €6.80 billion in September 2024, marking an increase of over €1 billion, the central bank stated.
Moreover, the CBC reported that the number of investment funds in Cyprus rose to 351 in September 2025, compared with 334 a year earlier.
Cyprus’ manufacturing sector showed a strong increase month-on-month, even as the broader Euro area and European Union (EU) figures experienced a modest recovery following a dip in August 2025.
Cyprus saw a monthly increase of 1.0 per cent in industrial production in September 2025 compared with the previous month.
This follows a period of stability in August 2025, where the industrial production change was zero per cent, and a 0.5 per cent increase in July 2025.
Over the last six months for which data is available in the Eurostat report, Cyprus’ industrial output has shown a net positive trend, starting with a 1.0 per cent increase in April 2025 and only a minor dip of 1.4 per cent in May 2025.
Across the EU, year-on-year emissions increased in 14 member states, decreased in 12 and remained unchanged in Estonia.
The largest reductions were recorded in Slovenia with a fall of 8.6 per cent, the Netherlands with 5.9 per cent, and Finland with 4.2 per cent.
Of the 12 countries that reduced emissions, three (Finland, Germany and Luxembourg) also experienced a decline in GDP.
The remaining nine, including Cyprus, saw emissions decrease while their economies continued to grow.
This follows a CySEC decision to withdraw their Cyprus Investment Firm (CIF) authorisations.
Specifically, the ICF withdrew the membership of BrightPool Ltd, VPR Safe Financial Group Ltd, and FIBO Markets Ltd.
Specifically, the total weight of goods transported by road within Cyprus increased by 0.5 per cent between April-June 2025, compared to the corresponding period of 2024.
Meanwhile, the weight of freight transported from and to Cyprus saw a larger rise of 3.6 per cent.
The written examination is scheduled for December 16, 2025, at 10:00 a.m. at the CSE offices in Nicosia.
This exam is aimed at individuals interested in being certified for registration in the special lists of stockbroker representatives or assistant stockbroker representatives.
The change forms part of a wider overhaul of the EU customs union. Brussels had originally planned to remove the so-called de minimis threshold only in mid-2028, when a new EU Customs Agency and data hub are due to go live.
For Cyprus, the shift will mark a clear break with current practice. The Cyprus Consumers’ Protection Service recently reminded the public that shipments from outside the EU with a value up to €150 are exempt from customs duties, though VAT is still charged and extra courier or clearance fees may apply.
It also warned that some orders may be blocked altogether if they fall under EU sanctions or product-safety bans, for example on certain goods from Russia or Belarus.
According to Oev, the awards are “an annual institution that has become a reference point for the country’s business community after nearly two decades of recognising successful ideas brought to market”.
The awards aim to identify the most effective applications of innovation that support the Cypriot economy, with entries accepted across four areas, the primary sector, manufacturing, services and social innovation.
Backed by the Deputy Ministry of Research, Innovation and Digital Policy, as well as the the Research and Innovation Foundation (RIF), the initiative seeks to encourage a more competitive and outward-looking business environment.
The survey, which interviewed nearly 50,000 workers across 48 major economies and 28 sectors, was circulated locally on Friday by PwC Cyprus.
It showed that daily users saw clear gains over the past year, with 92 per cent reporting higher productivity compared to 58 per cent of infrequent users.
According to the findings, job security perceptions also diverged sharply (58 per cent v 36 per cent), while 52 per cent of daily users saw salary improvements against 32 per cent among those using GenAI rarely. They were, moreover, more optimistic across every benchmark surveyed.
Speaking on the podcast A Look at the Economy from Politis, Kouroupi said Cyprus is on track for a third consecutive record year in passenger traffic, a trend she attributed to coordinated efforts by airlines, hoteliers, tour operators and the state, as well as rising off-season demand.
“We are going for a third consecutive record year in passenger traffic,” she said, highlighting the strong performance of Cyprus-based airlines, especially low-cost carriers. Israel, she added, “has exceeded every previous year”, becoming a key source of growth.
The board convened at 10:30 a.m. at the company’s offices in Larnaca to discuss and approve the updates.
Marios Lefkaritis, executive director, has been appointed as the new executive chairman, the company said.
The board also appointed Maria Loulla Lefkaritis as a member of the board of directors, it added.
The board will examine, among other matters, the interim unaudited financial statements of the group and the company for the period ended September 30, 2025, the announcement said.
The delisting affects bonds listed on the Bond Market of the Emerging Companies Market, the Cyprus Stock Exchange said.
“Trading of the company’s bonds will be suspended from November 18 until November 20, 2025, inclusive, for purposes of clearing of transactions, if any,” it added.
“Total percentage of voting rights incorporated in the shares held directly and indirectly by Iliana Theophanous in the company has increased to 5.003 per cent further to the acquisition of company shares,” the announcement said.
“At the session of November 13, 2025, the company proceeded through CISCO with purchasing 9,300 own shares at 1.625 cents,” the announcement said.
The annual general meeting held on June 24, 2025, had authorised the company to acquire its own shares, the company mentioned.
The total purchase of 9,300 shares was executed at the same price of 1.625 cents per share, the announcement confirmed.