Category: Cyprus News Agency

Weather Temperature for Cyprus

Today’s weather and temperatures for Cyprus according to the Department of Meteorology

Date 04/12/2025

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (A)

FOR THE PERIOD FROM 0600 04/12/2025 UNTIL 0600 05/12/2025

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1018hPa (hectopascal)

Weak high pressure is affecting the area. Today the weather will be partly cloudy and at times mainly cloudy by medium and high cloud coverage, with risk of light isolated showers. Tonight the weather will be mainly fine with locally increased cloud coverage.

Visibility: Good

Sea surface temperature: 23°C

Warnings: NIL

Cyprus’ state budget for 2026 is designed to meet the evolving challenges of the current economic situation while strengthening growth and maintaining a strong social footprint, Finance Minister Makis Keravnos told the plenary of the House of Representatives on Thursday, presenting the third budget of the Christodoulides administration.

‘The 2026 state budget and the Medium-Term Fiscal Framework are a concrete demonstration of our commitment to stable growth, fiscal responsibility and social progress,’ Keravnos said, noting that the new budget has been drafted under the EU’s revised Economic Governance framework adopted in June 2024.

He stressed that the government’s objective is to reinforce economic expansion ‘from which as many of our fellow citizens as possible can benefit,’ following a model of inclusive and balanced development.

Despite persistent global turbulence, the Finance Minister said the Cypriot economy continues to show resilience, supported by strong growth, low unemployment and sustainable public finances. The ongoing war in Ukraine and rising protectionism in global trade, he said, continue to create uncertainty, but Cyprus is projected to preserve its growth momentum.

The 2026 budget provides for pound 10.7 billion in primary expenditure, an increase of pound 508 million or 5% year-on-year. Development spending is set to rise by 4.7% in 2026, while social benefits will increase by 6.7%, covering spendings in education, health and social welfare.

Keravnos said that between 2026 and 2028, the government will channel pound 6.82 billion in support to vulnerable groups, students, children, patients and persons with disabilities. This includes pound 615 million for the Guaranteed Minimum Income, pound 412.4 million for child benefits, pound 338.5 million for the social pension, pound 285 million for pensioner allowances, pound 286 million in housing support, pound 144 million in student grants and pound 106 million for new disability benefits.

He pointed out the necessity of maintaining fiscal surpluses ‘to respond to unexpected events, which have become far more frequent,’ calling for the continuation of prudent economic policy.

Growth and fiscal outlook

According to the Ministry’s projections, Cyprus’ GDP growth is expected to reach 3.1% in 2026, ease to 3.0% in 2027 and reach 2.9% in 2028. Unemployment is forecast at 4.6% in 2026-27 before edging down to 4.5% in 2028, reflecting conditions of near-full employment.

Inflation is projected to stabilise close to 2% over the medium term. The 2026 fiscal balance is expected to post a surplus of 2.9% of GDP, with the primary surplus reaching 4.3%. Public debt is projected to fall to 50.9% of GDP in 2026, down from 55.3% in 2025, well below the initial target of 60% by end-2026.

Keravnos pointed to an upbeat assessment by the European Commission under the European Semester, noting that GDP growth reached 3.6% in the first half of 2025, investments rose by 10.4% and fiscal surpluses remained strong.

Reforms, tax overhaul and EU-funded investments

The Finance Minister stressed that the government is advancing a broad reform agenda aimed at modernising society, supporting entrepreneurship and improving living standards. Central to this, he said, is the tax reform package now before Parliament.

Keravnos noted that Cyprus has so far received pound 568 million in Recovery and Resilience Facility funds-46.6% of the total envelope. The sixth disbursement of pound 61 million is under evaluation, with another request planned before year-end, bringing Cyprus closer to the EU average absorption rate of 56%.

He also stressed the importance of a robust financial system able to support households and businesses ‘without repeating the risks of the recent past.’

Describing the 2026 budget as ‘an investment in the country’s future,’ Keravnos urged MPs to approve it, saying it paves the way for ‘a stable, creative and optimistic future for our citizens, businesses and future generations.’

Ukrainian President Volodymyr Zelensky expressed his intention to visit Cyprus within the framework of the Cyprus EU Presidency, during his meeting with President Nikos Christodoulides in Kiev, CNA has learnt.

According to information CNA has obtained, during Thursday’s meeting of the two leaders at the Mariinsky Palace, Zelensky, at the invitation of President Christodoulides to attend events organised by Nicosia within the framework of the EU Presidency in the first half of 2026, expressed his intention to visit the country.

The same sources note that Zelensky requested Cyprus’ assistance in opening the six thematic clusters of negotiation chapters for Ukraine’s EU accession process.

President Christodoulides is said to have also presented a list of 19 proposals aimed at supporting Ukraine during Cyprus’ EU Presidency, which, according to information, the Ukrainian side will process, while, as mentioned to CNA, some have already been accepted.

During the meeting, the same sources said, Nicosia also provided information it had on Turkish companies circumventing EU sanctions against Russia, with Kyiv stating that it would raise this issue with Ankara. At the same time, the same sources reported that the Ukrainian President also referred to European companies that provide components to Russia for manufacturing missiles.

The European Union, under the Aid Programme for the Turkish Cypriot community, announced on Thursday that it is funding the expansion of the Agios Dometios Crossing Point, implemented by UNDP through the Local Infrastructure Facility (LIF).

“The project aims to improve the flow of vehicles and pedestrians, ensuring smoother and safer crossings for all users,” a press release issued by the European Commission noted.

The particular crossing point is “the busiest on the island, with traffic volumes steadily increasing in recent years” the announcement says. The expansion will help ease congestion, enhance mobility, and significantly reduce waiting times.

According to the European Commission, two work contracts have just been signed for a total value of close to EUR 435,000. The works include excavation, earthworks, paving, electrical and mechanical installations, and landscaping, all within the UN Buffer Zone. The works are expected to be completed at the end of January 2026. During that period, all measures will be taken to minimise disruption.

“Once completed, the upgraded crossing will improve accessibility and strengthen people-to-people contact across Cyprus,” it is added.

By supporting infrastructure that connects communities and facilitates interaction, this EU-funded investment contributes to greater cooperation, accessibility, and mutual understanding across the island, the Commission said.

Panels on Urban Data Governance and the Green Deal Implementation Agenda

The TWIN2EXPAND project participated in Cyprus Forum 2025 with two high-level panel discussions dedicated to the future of urban data governance and the practical implementation of the European Green Deal in Cyprus. Organized in collaboration with Oxygen for Democracy and held in the historic Cornaro Room of the Nicosia Old Town Hall, the sessions reflected the project’s commitment to strengthening evidence-based and participatory approaches to urban and environmental decision-making.

Building an Open Urban Data Future – The Case of Cyprus

The first panel explored the evolving landscape of urban data in Cyprus and the systemic conditions required to build a cohesive, open, and usable data ecosystem. At the heart of the conversation was a widely shared challenge of moving from fragmented, siloed datasets toward integrated data systems capable of informing climate resilience, accessibility planning, energy efficiency, and long-term sustainability.

Discussions examined how EU directives on open data often encounter local constraints, highlighting the gap between the ambition of European legislation and the operational capacities of municipalities and state agencies. Participants debated the types of governance models that could help Cyprus overcome this gap, drawing examples from international practices in data governance, urban observatories, and collaborative data alliances.

A further theme concerned the value of open urban data beyond regulatory compliance. Panellists highlighted how richer and more accessible spatial and environmental datasets can enhance decision-making by: enabling more transparent evidence-based planning; supporting real-time monitoring of sustainability indicators; helping communities understand inequalities in access to services, transport, and green space; providing researchers and innovators the foundations for new analytical tools.

The discussion also reflected on Cyprus’s potential to serve as a living laboratory for data-driven urban governance. Its scale, institutional landscape, and vibrant research ecosystem offer favourable conditions for piloting new collaborative data models.

The session closed with reflections from each speaker, underscoring the need for long-term coordination between central government, local authorities, academia, and the private sector.

Moderators: Nadia Charalambous, Ilaria Geddes. SURF Lab, University of Cyprus

Speakers:

Prof. Marios M. Polycarpou, Director, KIOS Research and Innovation Center of Excellence, UCY

Prof. Marina Neophytou, Dean of the Faculty of Engineering, UCY

Dr Gareth Simons, Senior Research Fellow, University College London

Valentina Marin, Associate Director, Space Syntax

Pavlos Loizou, Founder and CEO, Ask Wire

Green Deal in Practice – Cyprus Implementation Agenda

The second panel addressed how Cyprus can realistically implement the European Green Deal, given its specific geographic, environmental, and socio-political context. The conversation began by unpacking the core pillars of the Green Deal-climate neutrality, biodiversity restoration, energy transition, circular economy- and assessing Cyprus’s current position relative to European targets.

Participants explored how Cyprus can translate the Green Deal’s overarching objectives-climate neutrality, biodiversity protection, resource management, renewable energy expansion, and sustainable urban development-into context-appropriate national strategies. They also discussed structural and regulatory challenges that affect implementation, noting that long-term sustainability ambitions often face mismatches between policy design, administrative capacity, and local realities. The panel highlighted the need for clearer implementation pathways, more resilient planning frameworks, and integrated monitoring systems capable of capturing progress across interrelated policy areas.

Another key theme was the necessity of collaboration. Effective implementation of the Green Deal demands coordination across governmental departments, alignment between national and municipal planning, and meaningful cooperation with academia, civil society, and the private sector. Speakers pointed out that without sustained investment, institutional stability, and participatory engagement, even the most well-defined policies risk remaining aspirational rather than actionable. They emphasised on the importance of strengthening environmental governance, improving data sharing across institutions, and fostering public understanding of climate priorities to ensure that environmental transformations deliver tangible benefits to communities.

The session concluded with final reflections from each speaker, outlining priority actions for the coming years: strengthening environmental monitoring systems, investing in renewable energy and water resilience, integrating scientific evidence into planning decisions, and building the institutional foundations necessary for Cyprus to meet its 2030 and 2050 targets.

Moderator: Andreas Papallas, Architect, SURF Lab, University of Cyprus

Speakers:

Charalampos Theopemptou, Chair, Environment Committee, House of Representatives of Cyprus

Savvas Vlachos, Director, Cyprus Energy Agency

Eleni Stylianopoulou, Secretariat for the Coordination and Support of the Government Programme

Nicoletta Neophytou, Director, PwC Cyprus

Knowledge Resources

Policy briefs developed through TWIN2EXPAND on evidence-based decision-making are available at: https://twin2expand.surf.com.cy/category/publications/

Acknowledgements

The University of Cyprus and the TWIN2EXPAND consortium extend their warmest thanks to all speakers, moderators, and participants for contributing to a thoughtful and forward-looking dialogue. The discussions underscored the importance of evidence-based policy, cross-sector collaboration, and public engagement in shaping a sustainable and equitable future for Cyprus.-objectives that lie at the heart of TWIN2EXPAND’s mission.

TWIN2EXPAND

The project ‘Towards Research Excellence in Evidence-Based Planning and Urban Design – TWIN2EXPAND’ brings together a consortium of leading European research institutions, including University College London (UCL), Polytechnic University of Turin, Chalmers University of Technology and Space Syntax Limited. TWIN2EXPAND aims to enhance UCY’s research excellence in evidence-based design and planning (EBDP) and to promote interdisciplinary research and networking.

Funding: European Union [grant number 101078890] and UK Research and Innovation (UKRI) under the UK government’s Horizon Europe funding guarantee [grant number 10052856, 10050784].

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (C)

FOR THE PERIOD FROM 1800 03/12/2025 UNTIL 1800 04/12/2025

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1018hPa (hectopascal)

Weak high pressure is affecting the area. The weather will be partly cloudy with risk of isolated light showers.

Visibility: Good

Sea surface temperature: 23°C

Warnings: NIL

AREA

PERIOD

WIND

STATE OF SEA

West Coast

Night

Northeast to East 3

Smooth to Slight

Morning

Northeast to East 3

Smooth to Slight

Afternoon

Southeast 3 to 4, locally Northwest

Smooth to Slight

South Coast

Night

North to Northeast 3 to 4, locally 4

Smooth to Slight

Morning

Northeast 4, at times locally Northeast to Southeast 4 to 5

Smooth to Slight, at times locally Slight

Afternoon

Northeast to East 4, at times locally 4 to 5

Slight

East Coast

Night

Northeast 3 to 4, locally 4

Slight

Morning

Northeast 4, at times locally 4 to 5

Slight, at times locally Slight to Moderate

Afternoon

Northeast to East 4, at times locally 4 to 5

Slight, at times locally Slight to Moderate

North Coast

Night

Northeast to East 3 to 4, locally 4

Slight

Morning

Northeast to East 4, at times locally 4 to 5

Slight, at times locally Slight to Moderate

Afternoon

Northeast to East 4, locally 5

Slight, locally Slight to Moderate

AmCham Cyprus Hosts Annual Thanksgiving Gala Dinner

The American Chamber of Commerce in Cyprus (AmCham Cyprus) hosted its annual Thanksgiving Gala Dinner, uniting distinguished guests, government officials, business leaders, and members of the diplomatic community to celebrate the enduring partnership between Cyprus and the United States.

The event was graced by the presence of His Excellency, the President of the Republic of Cyprus, Mr. Nikos Christodoulides, and representatives from the US Embassy. The evening also celebrated the increasing presence of US companies in Cyprus, with significant investments in energy, technology, healthcare, and transportation.

Special recognition was given to the leadership of US Ambassador Julie Davis and the Embassy team for their role in advancing economic and cultural ties, supporting reforms, and promoting innovation and education.

In his keynote address, Mr. Marios Kapiris, President of AmCham Cyprus, emphasised the remarkable progress in bilateral relations, stating: ‘The partnership between Cyprus and the United States has grown stronger, deeper, and more dynamic than ever before, elevating Cyprus to a new level of transatlantic strategic importance.’

He noted that President Christodoulides’s recent visit to the United States and the institutionalisation of the Strategic Dialogue were cited as pivotal moments, fostering enhanced security cooperation, investment, and innovation. The President’s efforts to position Cyprus as a gateway for technology, education, and investment were praised, with emphasis on the country’s skilled workforce, robust legal framework, and strategic location connecting Europe, the Middle East, and Africa.

Representing the US Embassy, Mr. Daniel Mangis, Chargé d’Affaires, conveyed the greetings of Ambassador Julie Davis and expressed optimism for the future of Cyprus-US commercial relations. He thanked President Christodoulides for his pivotal role during a defining period for bilateral ties, noting that the President’s recent visit to the US continues to yield positive results. Mr. Mangis also acknowledged AmCham Cyprus’s contribution to strengthening commercial relations, attracting investment, supporting innovation, and creating new opportunities for cooperation.

Mr. Mangis referenced the long-standing presence of American companies in Cyprus and congratulated both the outgoing and newly elected leadership of AmCham Cyprus, expressing hope for expanded cooperation.

He further noted positive developments such as new legislation to enhance transparency and national security, and the establishment of business support centres, all aimed at making Cyprus even more welcoming to business and responsive to the needs of American companies. Mr. Mangis also expressed optimism for Cyprus’s digital transformation and the renewal of the bilateral Economic Diplomacy Action Plan.

Finally, he reaffirmed the United States’ continued support for efforts under the United Nations to reunify the island as a bizonal, bicommunal federation, in line with relevant UN Security Council resolutions.

President Christodoulides on his remarks powerfully quoted: ‘Cyprus is no longer being discovered – it is being chosen.’

And he continued by stating that this reflects a new reality for our country and the core message shared at the AmCham Cyprus Thanksgiving Gala Dinner. It captures how far Cyprus has come and how confidently we are stepping into a future shaped by partnership, innovation, and strategic relevance, as the Cyprus-US relationship evolves into a model of purposeful cooperation.

He then elaborated how Cyprus-US relations now stand at a historic high, through concrete milestones, such as, amongst others: the first Cyprus-U.S. Strategic Dialogue in Nicosia, the first visit of a Cypriot President to the White House in almost thirty years, strengthened security cooperation through Foreign Military Sales, Excess Defense Articles, and Section 333, the launch of the Cyprus-US Defense and Security Dialogue and enhanced law-enforcement collaboration with the FBI.

Moreover, he stressed that the National Sanctions Implementation Unit has reinforced our capabilities, while the CYCLOPS training center in Larnaca has become a regional reference point, training over 2,000 officials from more than twenty countries. In addition, he commented that our humanitarian cooperation, including Cyprus’ role as a staging point during regional crises and the operation of the Amalthea Maritime Corridor demonstrates the country’s reliability in moments of need., whilst energy collaboration remains central, with Chevron and ExxonMobil active in our Exclusive Economic Zone, with the 3+1 mechanism with Greece, Israel, and the United States continues to strengthen regional stability and connectivity.

Finally, he concluded by stating that these developments show a country moving with confidence into a future defined by strategic relevance, a future where Cyprus is not only participating in regional developments but actively shaping them.

Deputy Minister of Shipping Marina Hadjimanolis will participate in an EU Transport Council on Thursday, in Brussels and will also hold a series of bilateral meetings with her counterparts from EU member states.

According to a press release by the Deputy Ministry, during the Council meeting, Hadjimanolis will take part in a discussion concerning the adoption of global measures for the decarbonisation of shipping, and will present the work programme of the Cyprus Presidency of the EU Council regarding maritime transport issues.

During her visit, the Deputy Minister will also hold a series of bilateral meetings with her counterparts from other EU member states, including Denmark, which currently holds the Presidency of the Council, as well as Ireland, which will assume the Presidency of the Council on 1 July 2026.

The Central Bank of Cyprus has today released the statistics on the average interest rates1 applied by monetary financial institutions (MFIs) in Cyprus on deposits and loans of euro area residents in euro, as well as data regarding volumes (amounts) of new euro denominated loans to euro area residents for the reference month of October 2025. These statistics are included in the November 2025 edition of Monetary and Financial Statistics. In parallel, comparative data for the eurozone countries are presented in the Data Portal of the European Central Bank.

The main developments in interest rates on new deposit and loan contracts, including contracts which were renegotiated, are summarized as follows:

Deposit Rates

The interest rate on deposits from households with an agreed maturity of up to one year recorded a decrease to 1,07%, compared with 1,10% in the previous month.

The corresponding interest rate on deposits from non-financial corporations registered a marginal decrease to 1,23%, compared with 1,24% in the previous month.

Lending Rates2

The interest rate on consumer credit increased to 6,88%, compared with 6,46% in the previous month.

The interest rate on loans for house purchase increased to 3,73%, compared with 3,63% in the previous month. It is noted that, the portfolio of loans for house purchase of the MFIs contains various types of loans, such as loans for primary residence, for vacation houses etc, which bear different risk and interest rate. The composition of the housing loans portfolio varies from month to month, resulting in changes to the level of the weighted average interest rate, independently of the increases or decreases of the interest rates of the MFIs.

The interest rate on loans to non-financial corporations for amounts up to pound 1 million increased to 4,39%, compared with 4,32% in the previous month. The interest rate on loans to non-financial corporations for amounts over pound 1 million registered a decrease to 3,69%, compared with 3,79% in the previous month.

Amounts of pure new loans3

Pure new loans recorded a decrease to pound 429,4 million in October 2025 (from total of pound 624,9 million), compared with pound 447,9 million (from total of pound 770,5 million) in the previous month. The main categories of new loans are analysed below:

Pure new loans for consumption increased to pound 23,7 million (from total of pound 25,1 million), compared with pound 21,2 million in the previous month (from total of pound 22,6 million).

Pure new loans for house purchase recorded an increase to pound 117,5 million (from total of pound 158,7 million), compared with pound 112,9 million in the previous month (from total of pound 165,4 million).

Pure new loans to non-financial corporations for amounts up to pound 1 million decreased to pound 50,8 million (from total of pound 68,3 million), compared with pound 62,7 million in the previous month (from total of pound 83,7 million).

Pure new loans to non-financial corporations for amounts over pound 1 million registered a decrease to pound 232,0 million (from total of pound 359,6 million), compared with pound 246,7 million in the previous month (from total of pound 492,5 million).

Cyprus interest rates in a European context: Analysis and comparison

Loan interest rates (outstanding amounts)

The interest rate level on outstanding loans in Cyprus is close to the respective Eurozone median4, with the spread standing at zero (0,0%) for households and to 0,4% for non-financial corporations.

Loan interest rates (new business)

The interest rate level on new loans in Cyprus is comparable to the Eurozone median. More specifically, the spread between the weighted average interest rate on loans to households for house purchase stands at -0,3% (lower than the Eurozone median), while the respective spread for non-financial corporations is limited to just 0,1%.

Deposit interest rates (outstanding amounts)

In contrast to the interest rates on loans, interest rates on outstanding deposits in Cyprus are considered as outlier, standing at the lower level within Eurozone. This might be attributed to the excess liquidity of credit institutions in Cyprus, which is among the highest ones within Eurozone. (indicatively, the Liquidity Coverage Ratio – LCR in Cyprus in October 2025 stood at 329%, compared with 183% (median) and 162% (mean) in European Union in June 2025), as well as to the short range of the banking sector in Cyprus.

Deposit interest rates (new business)

Similarly with interest rates on outstanding deposits, the interest rates on new deposits in Cyprus are standing at the lower level within Eurozone, due to the same reasons mentioned above.

Click here.

In accordance with the provisions of Regulation 2013/34, as amended, of the European Central Bank, interest rates are calculated as weighted average interest rates, which are sensitive to outliers.

Lending rates refer to loans with floating interest rate and up to one year initial rate fixation.

Amounts of pure new loans include only new loan contracts. Total new loans include new loan contracts and contracts which were renegotiated within the reference month.

For the purposes of this analysis, the median is considered as a more appropriate measure of comparison, since it is not sensitive to outliers mainly arising from countries with large portfolios