Category: Cyprus News Agency

Prices of construction materials moved upwards in May 2026, according to data released Thursday from the Statistical Service of Cyprus. The Construction Materials Price Index reached 122.07 units (base year 2021=100), marking an increase of 1.16% compared with April 2026 and an annual rise of 2.62% compared with May 2025.

On an annual basis, the largest increases were recorded in metal products, up by 4.31%, followed by wood products, insulation, chemicals and plastics with an increase of 3.49%, electromechanical items by 2.97%, minerals by 2.03% and mineral products by 0.22%. There was a particularly sharp increase in aluminum and other metal products (+7.17%), plastic items (+5.93%), and electrical materials (+5.97%).

For the period January-May 2026, the overall index recorded an increase of 1.32% compared with the corresponding period of 2025. At the level of sub-categories, the largest cumulative rise was observed in electromechanical items (+2.50%), followed by wood products, insulation, chemicals and plastics (+1.91%) and minerals (+1.77%), confirming the continuing upward trend in the cost of key construction sector materials.

Cyprus remains one of the European Union’s strongest-performing economies despite a challenging international economic environment marked by geopolitical uncertainty and external shocks, Finance Minister Makis Keravnos said on Thursday.

Addressing the 65th Annual General Meeting of the Institute of Certified Public Accountants of Cyprus (ICPAC), Keravnos pointed out the resilience of the Cypriot economy and outlined the government’s key economic policy priorities, including strengthening economic resilience, accelerating the transition to a more sustainable and competitive growth model, and ensuring that economic growth benefits all segments of society.

‘The Cypriot economy is among the best-performing in the European Union in terms of economic indicators,’ Keravnos said, noting that the government remains focused on safeguarding long-term stability amid an increasingly volatile global landscape.

He described fiscal discipline as the government’s foremost priority, emphasizing efforts to steadily reduce public debt, maintain fiscal surpluses and build fiscal buffers that would allow the country to respond effectively to both external and domestic shocks.

Keravnos said a second strategic objective is the transformation of the economy into a more sustainable and competitive model through digitalisation, innovation and the attraction of high value-added investments.

He also stressed the importance of accelerating the green transition to reduce Cyprus’ dependence on imported fossil fuels and strengthen energy autonomy through renewable energy projects and energy storage systems.

‘The recent energy crisis demonstrated the urgent need to diversify the energy mix and reinforce energy security,’ he said.

A third pillar of government policy, according to the Finance Minister, is inclusive growth. He said targeted measures are being implemented to support vulnerable households facing higher living costs, strengthen the middle class and create more and better-quality jobs.

Keravnos pointed to the tax reform introduced at the beginning of 2026 as a key policy initiative supporting all of the government’s strategic objectives.

Speaking at the same event, ICPAC President Odysseas Christodoulou, who was re-elected to the post, said Cyprus continues to demonstrate strong economic resilience despite ongoing global economic and geopolitical uncertainties.

‘At a time when many European economies are recording subdued growth rates, Cyprus remains among the fastest-growing economies in the European Union,’ he said.

Christodoulou attributed this performance to sustained economic growth, rising employment, fiscal discipline and prudent public finance management, which have helped maintain confidence in the economy.

However, he stressed that maintaining competitiveness requires continued reforms, stronger institutions, fiscal responsibility and policies that encourage innovation, entrepreneurship and quality investment.

ICPAC Director General Andreas Papadatos also stressed Cyprus’ advantages as an international business and investment hub, citing the quality of professional services, the expertise of industry professionals and the sector’s international experience.

At the same time, he warned that maintaining competitiveness cannot be taken for granted and requires continuous improvements in quality, reliability and specialisation to preserve Cyprus’ standing as a trusted international business centre.

Protecting children from all forms of violence, abuse, and exploitation is a top priority for the Cypriot state and one of the fundamental obligations of a law-abiding society, Clea Hadjistephanou Papaellina, Deputy Minister of Social Welfare said on Thursday, speaking in Nicosia at a conference organised by the National Strategy Implementation Council, “Foni” entitled “Innovative Practices in the Prevention, Management, and Combating of Child Sexual Abuse”.

She noted that the Deputy Ministry of Social Welfare remains committed to building a child protection system that responds promptly and effectively to the needs of every child, always guided by the best interests of the child.

The Deputy Minister congratulated the “Foni” Council for organising the conference, as well as for its long-standing and substantial contribution to the promotion and protection of children from sexual abuse in Cyprus.

“As the competent body for implementing the National Strategy for the Prevention and Combating of Sexual Abuse and Exploitation of Children, the ‘Foni’ Council plays a decisive role in promoting synergies and developing comprehensive policies for the protection of children from sexual abuse,” she added.

She reiterated that protecting children from all forms of violence, abuse, and exploitation is a paramount priority for the Cypriot state and a fundamental duty of a well-governed society.

“Child sexual abuse is not only a violation of children’s fundamental rights, development, mental health, and well-being, but also a wound that affects society as a whole, because it is a broader issue of human rights, social justice, and collective responsibility,” Papaellina pointed out.

She noted that the Republic of Cyprus has undertaken clear commitments through national and international frameworks for the prevention, identification, and handling of such incidents.

“As the Deputy Ministry of Social Welfare, we work systematically to strengthen child protection mechanisms, continuously upgrade services, and improve cooperation among all competent bodies. Our obligation is not limited to intervention after an incident is revealed. We must invest in prevention, identify risks early, and ensure that every child receives the protection they need, when they need it,” she added.

Equally important, she continued, is the operation of the “Children’s House” under the supervision and funding of Social Welfare Services.

“By bringing together specialised services in a safe and child-friendly environment, we ensure the holistic management of minor sexual abuse cases, reduce secondary victimization, and enhance the quality of interventions for the benefit of the child. The success of this approach is based on the close cooperation of different services and professionals,” she said.

At the same time, the Deputy Minister noted that the Social Welfare Services, the Cyprus Police, Mental Health Services, Educational Psychology Services, health professionals, and officers of the Non-Governmental Organization “Hope For Children” play a decisive role in protecting children.

“Effectively addressing sexual abuse cannot be the work of a single service. It requires coordination, trust, a common vision, and continuous cooperation.”

She also noted that it requires constant vigilance, continuous training for professionals, reinforcement of coordination mechanisms, and the ongoing review of policies and practices.

“As the Deputy Ministry of Social Welfare, we remain committed to building a child protection system that responds promptly and effectively to the needs of every child, always guided by the best interests of the child. We also remain firmly committed to the principles of the United Nations Convention on the Rights of the Child and to our international obligations to ensure the rights of every child without discrimination,” Papaellina concluded.

Cyprus recorded a price level equivalent to 89% of the European Union average for household final consumption expenditure in 2025, according to data published by Eurostat on Thursday.

According to Eurostat, price levels across EU member states continued to vary significantly, ranging from 140% of the EU average in Denmark to 63% in Bulgaria. After Denmark, the highest price levels were recorded in Ireland (136%) and Luxembourg (132%), while the lowest were observed in Romania (65%) and Poland (73%).

In the category of food and non-alcoholic beverages, which showed the smallest variation across the EU, Cyprus was essentially in line with the EU average, with a price index of 100.1%. The highest price levels in this category were recorded in Luxembourg (122% of the EU average), while the lowest were observed in Romania (80%).

For restaurants and hotels, the price level in Cyprus stood at 85.2% of the EU average, while in healthcare it reached 94.1%. Meanwhile, in the category of housing, water, electricity, gas and other fuels, the price level amounted to 87% of the EU average.

Particularly high compared with the EU average was the price level for education, which in Cyprus reached 137.5% of the EU average. Eurostat noted that education was the category with the largest disparities among member states, with Luxembourg recording the highest price level (334% of the EU average) and Romania the lowest (42%).

Exposure to hostile or degrading online content was significantly more common among younger age groups in the European Union in 2025, according to data published by Eurostat on Thursday. As far as Cyprus is concerned, the findings present a somewhat different picture, with 49.47% of internet users aged 25-34 reporting that they had encountered hostile or degrading messages during the previous three months.

Among those aged 16-24, the share stood at 35.87%, while for the 45-54 age group it reached 38.76%. Overall, 38.98% of internet users in Cyprus reported having been exposed to hostile or degrading messages.

Of those affected, 31.52% encountered hostile or degrading content related to political and/or social views, 29.10% reported content targeting sexual orientation, while 26.2% concerned racial or ethnic origin.

According to Eurostat, at EU level, 54.0% of internet users aged 25-34 and 53.7% of those aged 16-24 reported exposure to hostile or degrading messages directed against specific groups or individuals.

Exposure to such content gradually declined with age. The share stood at 46.4% among people aged 35-44, 38.9% among those aged 45-54, 32.8% for the 55-64 age group, and 28.1% among people aged 65-74.

19th Meeting of the Industrial Relations and Human Resources Management Professionals Network (SLRNetwork)

More than 130 professionals attended the 19th meeting of Industrial Relations and Human Resources Management Professionals Network (SLRNetwork), held on 17 June 2026 and organised by the Cyprus Employers and Industrialists Federation (OEB). The Network’s meetings are activities under project ‘Sound Labour Relations, Contemporary Enterprises III’ (SLR3) Project, which is co-funded by the EU within the framework of the Cohesion Policy Programme ‘THALIA 2021-2027’.

The meeting focused on the inclusion and support of employees with Attention Deficit Hyperactivity Disorder (ADHD) or a history of addiction, as well as on the vocational rehabilitation of prisoners and ex-offenders. The event was opened by Ms Lena Panayiotou, Assistant Director General of OEB.

Speaking on behalf of ADD-ADHD Cyprus, psychiatrist Dr Petros Antoniou addressed the topic of adult ADHD and the practical ways in which affected individuals can be supported in the workplace. This was followed by contributions from Ms Maria Diplarou (social psychologist, Organisation of Families and Friends of People with Addictions) and Maria Apostolidou (CEO, Yes We Can Organisation), both of whom highlighted the importance and role of employment in the social reintegration of individuals with a history of addiction.

Mr Marios Evgeniou (Labour Officer, Department of Labour, Ministry of Labour and Social Insurance) and Mr Iakovos Stylianou (Coordinator of Educational Programmes and Reintegration, Prison Department) presented the incentives scheme in place for the employment and rehabilitation of prisoners and ex-offenders, addressing questions regarding the applicable procedures and the availability of suitable candidates. Promotion of the scheme was under the framework of the Memorandum of Understanding concluded for this purpose between OEB and the Ministry of Justice and Public Order last April.

Finally, Ms Panayiotou presented the latest developments on pay transparency, pension reform, the National Action Plan for the Promotion of Collective Bargaining, and other current matters in the field of labour relations.

The presentations were followed by a reception, during which Network members had the opportunity to network and engage in conversation with the speakers. All presentations from the event are available online at the SLR3

Cyprus improved its position in the 2026 global competitiveness rankings compiled by the IMD World Competitiveness Center, climbing two places to 42nd among 70 economies, supported by stronger economic performance, a more competitive business environment and improvements in infrastructure.

According to the IMD World Competitiveness Yearbook 2026, which assesses economies on the basis of 341 criteria, Cyprus rose from 44th place in 2025, partially reversing the decline recorded in recent years.

The country ranked 30th in economic performance, 30th in government efficiency, 46th in business efficiency and 42nd in infrastructure. The strongest gains were recorded in economic performance and business efficiency, where Cyprus advanced six places in each category compared with the previous year.

The report attributes the improvement in economic performance to low unemployment, rising employment levels, easing inflation and continued strength in services exports. Cyprus also maintained advantages in attracting foreign direct investment and demonstrated economic resilience.

Among the positive developments highlighted were a reduction in long-term unemployment and improved assessments of the country’s international image, business flexibility and efforts to curb tax evasion.

Cyprus also recorded notable progress in business efficiency, particularly in management practices and business values, areas where it has traditionally lagged. The report linked these gains to greater corporate adaptability, more effective board governance, an improved international reputation and increased openness to innovation and reform.

Despite the overall improvement, the report identifies persistent challenges. Cyprus fell four places in the government efficiency category, mainly due to weaker scores related to the legislative and regulatory framework for businesses. Weaknesses were noted in access to capital markets, incentives for artificial intelligence investment, regulatory burdens, the time required to establish businesses and efforts to tackle the shadow economy.

However, strong public finances, continued budget surpluses, declining public debt and improved creditworthiness helped offset part of the decline.

The report also points to structural weaknesses in infrastructure. While Cyprus improved its overall infrastructure ranking, progress was driven mainly by stronger scientific infrastructure, including better performance in patents, intellectual property protection and knowledge transfer between universities and businesses.

At the same time, Cyprus continues to rank among the weakest performers in basic infrastructure, placing sixth from the bottom among the 70 economies surveyed. Water resource management, energy infrastructure, electricity generation and high energy costs remain longstanding constraints on competitiveness.

The report further notes shortcomings in artificial intelligence skills, environmental sustainability, forest conservation, air pollution and food waste management. It also highlights weaker performance in fixed capital investment, slower long-term labour force growth and persistent concerns regarding the shadow economy, corruption and environmental challenges.

In a survey of business executives accompanying the ranking, the five most attractive features of Cyprus as a business destination were identified as its competitive tax regime, business-friendly environment, highly educated workforce, economic dynamism and open entrepreneurial culture. By contrast, the country scored relatively poorly in research and development, corporate governance quality and government effectiveness.

President of the Republic Nikos Christodoulides briefed the leaders of the European Union Member States on the results of Cyprus’ six-month Presidency of the Council of the EU, underlining that substantial progress was achieved both in the five key priority pillars set by Nicosia and in major dossiers on the European agenda.

According to information obtained by the Cyprus News Agency (CNA) from the European Council meeting taking place on Thursday in Brussels, the President referred to significant agreements reached through political negotiations with the European Parliament, including legislative files that had remained pending or deadlocked for over a decade.

As CNA has learnt, President Christodoulides made special reference to the most important dossier negotiated during the Cyprus Presidency, the new MFF. He noted that the Presidency succeeded in delivering a mature negotiating framework (‘negotiating box’) containing concrete figures, while also securing Council agreement on the key financial regulations. According to the information, the President expressed confidence that this constitutes a decisive step towards achieving an overall political agreement by the end of the year.

According to sources, the President also highlighted achievements in the fields of Defence and Security, Ukraine, migration and EU enlargement, stressing that enlargement had been a strategic priority of the Cyprus Presidency.

Particular reference was made to the accession negotiations of Ukraine, Moldova, Albania and Montenegro, as well as the significant progress achieved. Regarding Ukraine and Moldova, President Christodoulides underlined that the Cyprus Presidency succeeded in opening the first cluster of negotiation chapters, covering the ‘Fundamentals’ cluster, through two historic intergovernmental conferences.

At the same time, the President informed EU leaders about the results achieved in relation to EU agreements with third countries, as well as developments in the areas of competitiveness, simplification and energy.

He also emphasised achievements that directly affect citizens’ daily lives, secured through political agreements with the European Parliament. As examples, he cited the revision of the Air Passenger Rights Regulation, the coordination of social security systems, and the Critical Medicines Act, as well as the agreement on the Returns Regulation and the oversight of the launch of the implementation of the Pact on Migration and Asylum.

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (B)

FOR THE PERIOD FROM 1200 18/06/2026 UNTIL 1200 19/06/2026

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1009hPa (hectopascal)

Seasonal low pressure is affecting the area. Today the weather will be mainly fine, but locally increased low cloud coverage will be present at times, mainly over the western coastal areas. Tonight, locally increased low cloud coverage will be present, but later local mist is likely, mainly over the eastern/southeastern coasts.

Visibility: Good, but moderate to poor in mist

Sea surface temperature: 24°C

Warnings: NIL

Finance Minister Makis Keravnos held a courtesy meeting on Thursday with Ontario’s Minister of Economic Development, Job Creation and Trade and Chair of the Management Board of Cabinet, Victor Anthony Fedeli, during which the two sides discussed bilateral economic and trade relations between Cyprus and Canada.

According to a statement issued by the Ministry of Finance, the meeting included an exchange of views on international economic developments and ways to further enhance cooperation between the two countries. Emphasis was placed on expanding trade and economic links and promoting new investment opportunities.

During the discussions, Fedeli praised the performance of the Cypriot economy and stressed the importance of further strengthening economic relations between Cyprus and Canada, especially through investments in the Republic of Cyprus.

Keravnos, for his part, welcomed the interest shown in investing in Cyprus and highlighted the country’s advantages as an investment destination, noting that its strategic location enables it to serve as a gateway for investments into the European Union.