Cyprus records pound 1.2 billion services surplus in Q1 2026, according to Eurostat

Cyprus recorded a current account deficit of pound 1.3 billion in the first quarter of 2026, based on non-calendar adjusted and non-seasonally adjusted data, according to figures published by Eurostat on Friday. During the same period, Cyprus posted a pound 1.2 billion surplus in its services account.

According to Eurostat, Cyprus’ overall current account recorded a pound 1.0 billion deficit in the first quarter of 2025, followed by deficits of pound 0.4 billion in the second quarter, pound 0.1 billion in the third quarter and pound 0.8 billion in the fourth quarter of 2025, before widening to pound 1.3 billion in the first quarter of 2026.

As regards Cyprus’ services account, it recorded a pound 1.5 billion surplus in the first quarter of 2025, pound 2.3 billion in the second quarter, pound 2.9 billion in the third quarter, pound 2.5 billion in the fourth quarter of 2025 and pound 1.2 billion in the first quarter of 2026.

Across the European Union, the seasonally adjusted current account recorded a pound 113.4 billion surplus in the first quarter of 2026, equivalent to 2.4% of GDP. This compares with a surplus of pound 99.2 billion, or 2.1% of GDP, in the fourth quarter of 2025 and pound 104.9 billion, or 2.3% of GDP, in the first quarter of 2025.

Eurostat: Cyprus records second greatest rise of 30.1% rise in platform-booked stays in the EU

Cyprus recorded the second-largest year-on-year increase in guest nights booked through short-term rental platforms in the fourth quarter of 2025 at 30.1% according to Eurostat, more than three times the 9.7% growth recorded across the EU in the first quarter of 2026. Only Malta with 37.5% growth posted a stronger increase, followed by Slovakia at 26.3%.

Cyprus also recorded the EU’s second-highest average number of guest nights per booking in 2024 (18), behind only Malta (20) and ahead of Croatia and Spain (14 each).

Over the same period, the largest volumes of platform-booked guest nights were recorded in Andalucia (9.9 million), the Canary Islands (8.2 million) in Spain and Île-de-France (7.2 million) in France, showing that Europe’s largest tourism markets continue to dominate in absolute terms, Malta and Cyprus are shown as the bloc’s fastest-growing markets.

New plan for promoting circular economy in hotels approved by the Cabinet

A plan promoting the circular economy in hotels and tourist accommodations for the period 2026-2029 is being reimplemented, following a proposal by the Deputy Ministry of Tourism, which was approved by the Council of Ministers on Thursday.

As stated in a press release issued on Friday by the Deputy Ministry of Tourism, the project’s goal is to enhance the circular economy in the hotel sector through the adoption of sustainable business practices, the more efficient use of natural resources, the reduction of waste generation, and the enhancement of the competitiveness of tourism businesses.

In this context, specialized consulting services will be provided to hotel businesses and tourist accommodations, with the aim of implementing circular economy measures and certifying them in accordance with the Circular Economy Certification Scheme of the Federation of Employers and Industrialists (OEB). At the same time, training initiatives, research, the development of best-practice guides, and the dissemination of knowledge will be carried out for the benefit of the entire tourism industry.

The project constitutes a continuation of the corresponding measure implemented under the Recovery and Resilience Plan and is the result of collaboration between the Deputy Ministry of Tourism and the Federation of Employers and Industrialists, which also serves as the implementing body, the press release said.

During the first phase of the project, a total of 19 hotel businesses received circular economy certification. According to the press release, in a statement, Deputy Minister of Tourism, Kostas Koumis, noted that ‘this is an exceptional collaboration between the public and private sectors that we, as a government, believe is worth continuing.’

He also stated that the implementation of the second phase ‘is expected to contribute even further to the broader effort to enhance the quality and competitiveness of the Cypriot tourism product,’ while thanking Cyprus Chamber of Commerce and Industry (OEB) for what he described as their excellent cooperation.

On behalf of OEB, its President George Pantelidis stated that ‘the excellent cooperation with the Deputy Ministry of Tourism continues, with the aim of expanding the implementation of circular economy principles in the hotel sector and strengthening the momentum of our country’s green transition, thereby enhancing the competitive advantages of the Cypriot tourism product.’

Cyprus Stock Exchange

The Cyprus Stock Exchange (CSE) All Share Index closed at today`s stock exchange meeting as follows:

MEETING DATE: 03/07/2026

INDICES BASE VALUES: FTSEMed=5000, OTH

EURO (pound )

TRADED VALUE:

215.821,38

INDEX

VALUE

% DIFF.

VALUE (pound )

FTSE/CySE 20

182,570

0,800

204.751,360

MAIN MARKET INDEX

249,690

1,110

176.188,500

INVESTMENT COMPANIES MARKET INDEX

3.197,870

0,020

25.886,040

CSE GENERAL INDEX

310,320

0,810

205.426,490

HOTELS INDEX

1.942,620

-0,560

2.710,000

ALTERNATIVE MARKET INDEX

2.015,720

-0,240

29.237,990

Repairs begin at the Church of Agios Demetrianos in Larnakas tis Lapithou

Cultural heritage preservation efforts continue to progress as maintenance and conservation works commenced at the Church of Agios Demetrianos, located in Larnakas tis Lapithou in the Turkish occupied north of Cyprus.

In a statement to the Cyprus News Agency (CNA), Sotos Ktoris, Co-Chair of the Bicommunal Technical Committee on Cultural Heritage, confirmed that the project is co-funded by the European Union and the local community. The restoration framework will be executed under the strict technical supervision of the United Nations Development Programme (UNDP).

The scheduled infrastructure works at the Agios Demetrianos site are projected to span a duration of nine months, he added.

Furthermore, Ktoris highlighted that the current operational contract also encompasses the conservation of the Church of Agios Charalambos, situated in the village of Agridaki within the Kyrenia district.

Ktoris noted that extensive restoration and maintenance works are simultaneously progressing at more than 70 cemeteries throughout Cyprus.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively.

Competitiveness, values and security the Irish EU Presidency pillars, Ambassador says

The Irish EU Council Presidency programme is built around three core pillars, that is to say competitiveness, values and security, Irish Ambassador to Cyprus Sarah Hamilton said on Thursday, speaking at an event during which Ireland’s priorities were presented and the Cyprus Presidency which concluded on June 30 was reviewed at the EU House in Nicosia.

On her part, Deputy Minister for European Affairs Marilena Raouna described the Cypriot Presidency as an “intense yet deeply rewarding experience” and reviewed its work in the areas of security and defence, migration, competitiveness, enlargement and the next Multiannual Financial Framework (MFF).

She also expressed confidence that Ireland would continue the shared effort towards a stronger and more autonomous European Union.

Hamilton outlined the priorities of the Irish Presidency, saying its programme is built around three core pillars: competitiveness, values and security.

She reaffirmed the EU’s support for Ukraine, highlighted enlargement as one of the Presidency’s key priorities during its six-month term and said Ireland aims to promote a stronger and more united Europe under the Presidency’s theme, ‘Strength with Unity.’

Head of the European Parliament Office in Cyprus Thea Pieridou said the rotating Presidency of the Council of the European Union is ‘much more than just an institutional milestone’, giving each Member State an opportunity to help shape Europe’s agenda, build consensus and demonstrate its commitment to shared European values.

She said the role requires ‘leadership, commitment and an unwavering dedication to the European project.’

Referring to the Cypriot Presidency, Pieridou said Cyprus fulfilled the role ‘with professionalism, dedication and a genuine European spirit.’

She said the European Parliament had been ‘a close and committed partner’ throughout the Cypriot Presidency, adding that interinstitutional cooperation lies ‘at the heart of the European Union’s democratic decision-making process.’

Pieridou added that the European Parliament Office in Cyprus supported the Presidency by engaging with citizens, promoting dialogue on European affairs and highlighting the Parliament’s legislative work.

Welcoming Ireland as it assumes the Council Presidency, she said the country has ‘a longstanding reputation for building bridges, fostering consensus and championing a strong, outward-looking Europe.’

She added that the European Parliament looks forward to working closely with the Irish Presidency to deliver tangible results for European citizens.

Head of the European Commission Representation in Cyprus Panicos Pourgourides likened the handover of the Presidency of the Council of the European Union from Cyprus to Ireland to a relay race, saying ‘the baton has passed seamlessly from Cyprus to Ireland.’

‘Different runners, one lane, one shared direction and one common European ambition,’ he said, stressing that while ‘every Presidency leaves its own mark,’ each also serves ‘the continuity of the European project.’

Pourgourides said there was particular symbolism in ‘one island Member State handing the baton to another,’ noting that in the European Union ‘geography never determines influence’ and that ‘every Member State, regardless of size, has the opportunity and the responsibility to lead.’

Referring to the new Trio Presidency, Pourgourides said Ireland, Lithuania and Greece would build on the work of the Denmark-Poland-Cyprus Trio by advancing an ambitious European agenda.

Among the Trio’s priorities, he said, is to ‘build on the significant progress achieved during the Cyprus Presidency,’ particularly on enlargement and the next Multiannual Financial Framework, while advancing legislative work affecting more than 450 million EU citizens.

Pourgourides also congratulated Deputy Minister for European Affairs Marilena Raouna and the President of the Republic of Cyprus for the ‘excellent cooperation’ throughout the Cypriot Presidency.

Pourgourides described the Cypriot Presidency as ‘an exceptional six months’ that were ‘frenetic at times, demanding, but also immensely rewarding.’

He noted that Cyprus hosted more than 50 high-level European Commission visits during the Presidency, including three by Commission President Ursula von der Leyen and three by High Representative and Commission Vice-President Kaja Kallas.

Deputy Minister for European Affairs Marilena Raouna said Cyprus’ Presidency of the Council of the European Union had been ‘an intense and demanding responsibility’ but also ‘a deeply rewarding experience’, describing it as ‘an extraordinary journey’ for the country. ‘With humility, I believe we can now say that we fulfilled the responsibility we undertook on behalf of our European family,’ she said.

On Ireland’s assumption of the Council Presidency, Raouna said Cyprus was proud to pass on the baton, expressing confidence that Ireland would continue the shared effort towards ‘a stronger and more autonomous European Union.’

She noted that Cyprus understands ‘the importance of unity’ first-hand as the last EU member state still affected by occupation, adding that the Irish Presidency’s theme, ‘Strength with Unity’, resonates strongly with Cyprus.

Raouna said the Cypriot Presidency acted ‘with commitment, determination and a strong sense of responsibility’, placing the European Union’s strategic autonomy at the heart of its agenda.

She said this objective shaped the Presidency’s priorities and the informal meeting of EU leaders hosted in Ayia Napa and Nicosia, where discussions focused on energy security, European competitiveness, the One Europe, One Market roadmap, Article 42(7) of the Treaty on European Union and preparations for the next Multiannual Financial Framework.

Highlighting the Presidency’s key achievements, Raouna pointed to progress on the SAFE instrument for security and defence, agreement on the 20th package of sanctions against Russia and the launch of work on the 21st package, as well as the Returns Regulation and the implementation of the Pact on Migration and Asylum.

She also highlighted progress on the Omnibus simplification packages, the reform of the Union Customs Code, the Council’s negotiating position on the Electricity Grids Package, enlargement negotiations with Ukraine, Moldova, Albania and Montenegro, and major EU trade agreements with Mercosur, Mexico and Switzerland.

Raouna also pointed to the Council’s first conclusions on affordable housing and described negotiations on the next Multiannual Financial Framework (MFF) as one of the Cypriot Presidency’s biggest challenges. She said reaching a partial general approach marked ‘a decisive step’ towards concluding negotiations by the end of 2026 and ensuring uninterrupted EU funding from 2028 onwards.

Irish Ambassador to Cyprus Sarah Hamilton outlined the priorities of Ireland’s Presidency of the Council of the European Union, saying the Presidency begins at a critical time for Europe amid geopolitical uncertainty, economic challenges and rapid technological change.

Hamilton said the Presidency’s theme, ‘Strength with Unity,’ reflects the belief that Europe is strongest when it acts together. She said Ireland’s programme is built around three priorities – competitiveness, values and security – aimed at building ‘a Europe that creates opportunity, protects its citizens and remains true to its fundamental values.’

She said the Presidency will focus on boosting Europe’s competitiveness, advancing negotiations on the next Multiannual Financial Framework (MFF), and implementing the One Europe, One Market roadmap through regulatory simplification, a stronger Single Market, lower energy costs and support for the green and digital transitions.

Hamilton reaffirmed the EU’s support for Ukraine and said enlargement would remain a key priority, with the aim of concluding accession talks with Montenegro and making substantial progress with Albania, Ukraine and Moldova. She added that the Presidency would ensure that the Union’s core values remain at the heart of the Council’s work.

On security, she said Ireland would prioritise stronger European defence cooperation, cybersecurity, efforts to counter hybrid threats and the fight against terrorism, alongside the full implementation of the Pact on Migration and Asylum and closer cross-border cooperation against serious and organised crime.

Cyprus house prices rise 3.4% year-on-year in first quarter of 2026

House prices in Cyprus continued to increase in the first quarter of 2026, with the House Price Index (HPI) rising by 3.4% on an annual basis and 1.6% compared with the previous quarter, according to preliminary estimates released on Thursday by the Statistical Service of Cyprus.

The HPI, with 2025 as the base year, was estimated at 102.95 points in the January-March 2026 period, up from 101.34 points in the fourth quarter of 2025. Compared with the corresponding quarter of 2025, when the index stood at 99.58 points, house prices increased by 3.4%.

The data indicate that quarterly house price growth resumed after the index remained unchanged in the fourth quarter of 2025.

Both new and existing dwellings recorded higher prices during the first quarter.

The sub-index for new dwellings rose to 103.25 points from 102.06 points in the previous quarter, while the sub-index for existing dwellings increased more sharply to 102.51 points from 99.82 points in the fourth quarter of 2025.

Informal meeting in broader format this summer our firm goal, Spokesperson says

The Government’s firm goal is for an informal meeting in broader format on the Cyprus problem to be convened this summer, Government Spokesman Konstantinos Letymbiotis said on Thursday after the meeting of the Council of Ministers.

Invited to comment on yesterday’s written statement by Personal Envoy of the UN Secretary General for Cyprus, Maria Angela Holguin, Letymbiotis welcomed the fact that Holguin also recognises the role that the EU can play in the UNSG’s effort adding that this came just one day after the joint statement of the EU High Representative, the two EU Commissioners and the Turkish Foreign Minister where it was stated that they support the efforts of the UN Secretary General.

This is of “particularly exceptional importance, taking into account the timing of both of these statements,’ Letymbiotis said.

Moreover, he noted that Holguin herself mentioned in her statement yesterday that the UN Secretary General remains personally committed to this effort.

The Greek Cypriot side, the Spokesperson said, is in constant consultation with all parties, the UN, the EU, noting that next week the NATO Summit will be held, which will be attended by the President of the European Commission, the President of the European Council and the UN Secretary General, and there will be the opportunity, on the sidelines of the Summit, for important contacts.

“For us, the goal remains unchanged, namely to contribute in every possible way to the convening of the informal multilateral meeting this summer, as Holguin herself mentioned during her last visit to Cyprus,” he noted.

Letymbiotis explained that as regards the informal meeting in broader format, this should have as goal the announcement of the resumption of negotiations with a view to reach a solution of the Cyprus problem.

“We do not want an informal multilateral meeting as an end in itself, we want an informal multilateral in which we will discuss the essence of the Cyprus problem”, he stressed.

Letymbiotis said that consultations are taking place also behind the scenes, they are ongoing, and under the auspices of the UN Secretary General himself. He noted that the only party that must demonstrate a constructive stance, in order for progress to be made on the Cyprus issue, is the occupying force, Turkey.

Replying to a journalist’s remark that in her statement, Holguin did not refer to an expanded conference and asked if the UN Secretary General is having second thoughts due to the lack of enough progress, the Spokesman said that the government does not have such information.

He added that the goal remains the same and that the only party that “should -and we expect it to demonstrate this constructive attitude, especially since it demands improvement and progress in its relations with the EU- is Turkey”.

The Spokesman stressed that the entire international community, the participants in the informal meeting in broader format, the EU as a whole, but also the Greek Cypriot side that has “proven it in practice, want the informal multilateral in which the resumption of negotiations will be announced”.

“If there is sincere political will on behalf of Turkey, then the informal multilateral meeting can and must be convened”, he continued.

Letymbiotis added that “our actions are continuing with the aim of convening the multilateral at the end of July or the beginning of August, whenever this can be practically arranged” adding that they do not have any information about something different.

Invited to comment on yesterday’s statements by Turkish Foreign Minister Hakan Fidan, Letymbiotis said that if someone is to blame and is responsible for the lack of progress in EU-Turkey relations, it is Turkey and its approach not only as regards the EU as a whole but also the Republic of Cyprus as a full EU member state.

He added that the positions on Turkey’s progress are clearly outlined in the Conclusions of the European Council that have been unanimously approved by all member states.

Concluding, the Spokesperson pointed out that the EU wants to see progress in its relations with Turkey as long as there is progress on the Cyprus problem, which is a European issue.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results due to Turkish intransigence. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively.

After informal meetings in 2025, followed by a hiatus of several months, deliberations are underway for a new meeting in broader format to be held, as the term of the UN Secretary-General Antonio Guterres nears its end. María Angela Holguín, Guterres’ Personal Envoy on Cyprus, is tasked to engage with the parties.

Cyprus Symphony Orchestra concert marks closing of cultural programme of Cyprus EU Presidency

The Cyprus Symphony Orchestra concert entitled ‘Cyprien Katsaris meets the Cyprus Symphony Orchestra’ took place on Tuesday, 30 June 2026, at the Nicosia Municipal Theatre, marking the closing of the cultural programme of the Cyprus Presidency of the Council of the European Union 2026.

A press release by the Cyprus Symphony Orchestra says that the featured soloist was the legendary virtuoso pianist Cyprien Katsaris, performing under the baton of the Orchestra’s new Artistic Director, the internationally acclaimed conductor Myron Michailidis.

In the presence of government officials, ambassadors from various countries and distinguished guests, opening remarks were delivered by the Deputy Minister of Culture, Dr Vasiliki Kassianidou, who noted that the concert ‘is inextricably linked to the deeper message of the Cyprus Presidency: the vision of a Europe that draws strength from its cultural diversity, invests in coexistence and mutual respect, and promotes openness, creative cooperation and meaningful dialogue among its peoples.’

The new Artistic Director of the Cyprus Symphony Orchestra, Myron Michailidis, welcomed the audience, expressing his great joy at assuming his new duties, and invited the public to embrace what he described as ‘this jewel of Cyprus’ in reference to the Orchestra.

“An artist of immense international stature and prestige on the world music scene, Cyprien Katsaris truly mesmerised the audience with his incomparable pianistic artistry in Franz Liszt’s ‘Fantasia on Themes from L. v. Beethoven’s incidental music to The Ruins of Athens’ and ‘Hungarian Fantasy for Piano and Orchestra’, offering a unique experience for the audience of the CySO. He also delighted the audience with a special encore: the Elegy by Armenian composer Arno Babadjanian, which he dedicated to the memory of all those who lose their lives each day to the tragedies of war” it adds.

Prior to the appearance of the renowned pianist, the Orchestra performed Dawn on the Parthenon by the Cypriot composer, conductor and musicologist Solon Michaelides.

“The Orchestra performed with vibrant energy and expressive power a splendid mosaic of celebrated European dances and works, reflecting the richness of Europe’s cultural heritage. From the triumphant grandeur of Charpentier and the Mediterranean warmth and passion of Massenet and Bizet, to the captivating dance rhythms of Brahms and Dvorák, the Viennese brilliance of Johann Strauss and the distinctly Greek musical identity of Skalkottas, the programme highlighted the creative diversity that characterises Europe”.

The concert concluded with Robert Stolz’s United Nations March, “a work of special symbolism that underscored the values of peaceful coexistence, cooperation and mutual respect among nations”.

The Cyprus Symphony Orchestra Foundation “expresses its great satisfaction at the success of this memorable evening-an entirely fitting and successful finale to the cultural programme of the Cyprus Presidency-and extends its sincere thanks to the Deputy Ministry of Culture and the Secretariat of the Cyprus Presidency of the Council of the European Union 2026 for their excellent collaboration”.

Finally, it says that it “warmly congratulates the Cyprus Presidency for the outstanding work accomplished throughout its term”.

Cyprus Department of Meteorology – Forecast for the Sea Area of Cyprus (?)

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (B)

FOR THE PERIOD FROM 1200 02/07/2026 UNTIL 1200 03/07/2026

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1007hPa (hectopascal)

Seasonal low pressure is affecting the area. The weather will be mainly fine, but later increased low cloud coverage will be present at times, mainly over the western coasts. Tonight and during dawn, locally increased low cloud coverage with local mist and/or fog patches is likely, mainly over the southern and eastern coastal areas.

Visibility: Good, but moderate to poor in mist and very poor in fog

Sea surface temperature: 26°C

Warnings: NIL