A recent Eurobarometer survey, conducted by the European Commission, underscores the necessity of financial support and advisory services for small and medium-sized enterprises (SMEs) in Cyprus to boost resource efficiency. Out of 248 surveyed SMEs, 59% expressed that financing or subsidies would significantly enhance their efforts towards resource efficiency, while 31% demanded guidance on financing and planning such investments. Furthermore, 30% stated that advisory services to improve resource use would be advantageous.
In terms of fiscal health, projections by the Finance Ministry suggest that Cyprus’ refinancing obligations will remain manageable, expected to be around 3% of GDP in 2025 and 2026, and roughly 4.5% by 2027. The report presented indicates stable gross financing needs amounting to approximately €11 billion for both 2025 and 2026.
The Deputy Ministry of Tourism plans to introduce numerous initiatives in 2025 to promote Cyprus as a tourist destination, allocating a substantial budget for advertising and partnerships to support diverse tourism activities. In September, Limassol dominated the high-value real estate market, recording significant sales, with total transactions peaking at €298 million.
Notable developments in the tourism sector include an increase in hotel occupancy rates, reaching 80%. The Ministry of Energy approved a grant scheme with a €19 million budget aimed at energy efficiency improvements.
Lastly, improvements in the economic climate were noted, notably in the services sector, alongside a favorable outlook for the housing market, highlighted by a government subsidy program supporting young families. However, rising energy costs remain a challenge, leading to calls for greater transparency from regulatory bodies.
