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Cyprus’ Economic Growth: A 2025 Projection by the European Commission

by News Editor

May 19, 2025

The European Commission has forecasted that Cyprus will see a 3% economic growth in 2025, slightly decreasing to 2.5% in 2026. This upward trend is primarily driven by resilient domestic demand, a robust services export sector, and a strong labor market.

With a 3.4% real GDP growth recorded in 2024, Cyprus has demonstrated robust private consumption, which rose by 3.8%. Investment excluding ship registrations also increased, despite a construction strike at the end of the year.

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Net exports turned positive, bolstered by tourism, ICT, and sea transport. Private consumption is expected to remain a key driver as wages rise and inflation falls, enhancing household purchasing power.

Growth Drivers and Challenges

The projection is supported by ongoing investment and structural transformation within the Cypriot economy, attracting significant investment into emerging sectors like ICT.

However, increased foreign firm activity may lead to more profit repatriation, thereby limiting gains from improved trade balances. The current account deficit is expected to shrink to 5.9% by 2026.

Potential risks include global trade disruptions, particularly impacting Cyprus’s sea transport sector. Nonetheless, Cyprus’s limited direct trade with the US minimizes its exposure to US tariffs.

Recent interest rate cuts have also stimulated loan demand, contributing to Cyprus’s financial momentum.

Favorable Fiscal Outlook

The outlook for Cyprus’ fiscal health remains positive, with a strong budget surplus and a notable decrease in the debt-to-GDP ratio, projected to be 58% in 2025.

Spending will focus on energy projects such as the LNG terminal and social schemes, with revenues anticipated to outpace expenditures due to ongoing economic strength.

Despite these commitments, Cyprus continues to attract transformational ventures, enhancing its economic landscape.

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Mirendil Signs $100 Million Google Cloud Deal To Advance Self-Improving AI

by News Editor

August 6, 2026

AI startup Mirendil has signed a multi-year agreement worth more than $100 million with Google Cloud to secure computing infrastructure for its self-improving AI research.

The partnership reflects growing competition among AI companies to lock in access to high-performance computing, while cloud providers race to attract promising startups developing next-generation AI models.

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Backing The Next Stage Of AI Research

Mirendil plans to use Google’s Tensor Processing Units (TPUs), Nvidia GPUs and managed training infrastructure to develop AI systems capable of improving their own performance over time.

Known as recursive self-improvement, the concept focuses on building AI that can refine its knowledge and capabilities with minimal human intervention. The technology is attracting growing interest across the industry, with several startups and leading AI labs exploring similar approaches.

According to co-founder and Chief Executive Behnam Neyshabur, the long-term goal is to develop AI that can automate scientific research and accelerate discoveries in fields such as medicine, biology and materials science.

Compute Capacity Becomes A Strategic Asset

Training increasingly advanced AI models requires enormous computing resources, making long-term infrastructure agreements a critical competitive advantage.

Mirendil said Google’s combination of TPUs and GPUs allows workloads to be matched with the most suitable hardware, improving efficiency while reducing costs for customers.

For Google Cloud, the agreement strengthens its position in the race to provide infrastructure for frontier AI developers, while giving the company exposure to one of the industry’s emerging approaches to next-generation artificial intelligence.