Cyprus Retail Sector Records Robust Growth In January

New data from the Statistical Service of Cyprus (Cystat) show that retail trade expanded in January, with both value and volume indices increasing year-over-year.

Retail Trade Gains Drive Economic Momentum

The value index of retail turnover rose 7.4%, while the volume index increased 8.3% compared with January 2025. The parallel rise in value and volume indicates higher sales receipts and increased quantities sold, pointing to sustained consumer demand at the start of the year.

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Broad Economic Trends Foster A Positive Outlook

Retail growth aligns with broader domestic indicators. Manufacturing output increased 4.4% between January and November 2025, while authorized building permits reached 2,612,000 square meters, up 30.7% compared with the previous period. The construction data suggest continued investment activity across the sector.

Automotive And Trade Performance Highlight Economic Stability

Motor vehicle registrations rose 5.8% in 2025. Private saloon cars increased 3.2%, while light goods vehicles rose 6.9%. Inflation remained subdued, with the consumer price index increasing 0.1% year-over-year. External trade also expanded, with imports reaching €13.55 billion, up 7.7%, and exports rising 7% to €5.5 billion.

Surge In Tourism Strengthens Economic Recovery

Tourist arrivals totaled 4,534,073 between January and December 2025, up 12.2% compared with the previous year. Tourism remains a key contributor to overall economic performance, supporting services, retail, and transport activity.

Conclusion

January retail growth reflects broader expansion across manufacturing, construction, trade, and tourism. The data show continued economic activity across multiple sectors at the start of the year.

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Cyprus Strengthens Its Case As A European Chess Hub After FIDE President’s Visit

by THEFUTURE.TEAM

October 20, 2026

Cyprus is sharpening its position on the European chess map, with the island’s rising profile now drawing attention at the highest levels of the sport.

Fide Leadership Backs Cyprus’ Chess Ambitions

International Chess Federation (FIDE) president Timur Turlov, who also leads Freedom Holding Corp and Freedom24, met President Nikos Christodoulides at the Presidential Palace in Nicosia on Monday to discuss the future of chess development in Cyprus. The talks centered on the island’s growing importance in European chess and the momentum built since Freedom became general partner of the Cyprus Chess Federation in 2023.

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“In three years, Cyprus has become one of Europe’s chess hubs, and we want to keep building on that,” Turlov said. “It was important for us to present our plans for chess on the island to the President, and we are grateful for his time and attention to the game.”

A Broader Strategy For Growth

Turlov was elected FIDE president on September 26 at the federation’s congress in Samarkand. His 2027–2030 programme calls for roughly €30 million in funding over four years to support global chess development, including an annual development fund of €6.2 million, nearly four times the current budget.

The proposed funding is designed to expand competition opportunities, strengthen youth development, improve chess education, support coaches and arbiters, accelerate digital tools, and promote women’s chess.

Cyprus Has Become A Proven Host For Major Events

Since Freedom became the federation’s general partner in 2023, Cyprus has hosted 26 tournaments, including stages of the FIDE Women’s World Grand Prix in Nicosia in 2023 and 2025. The island also welcomed the 2026 Candidates Tournament, which featured a €1 million prize fund and brought top international players to Cap St Georges Hotel and Resort.

For Cyprus, that event carried symbolic weight. It was the first time in the country’s chess history that the world’s leading contenders had competed on the island, underscoring its emergence as a credible destination for elite international chess.

Building A Pipeline For The Next Generation

The local ecosystem is also expanding at the grassroots level. The Freedom24 Chess Academy opened in Limassol on March 1, 2025, under the leadership of International Master Artem Sadovsky. Its mission is to develop competitive players capable of representing Cyprus on the international stage.

According to the Cyprus Chess Federation, around 2,000 people in Cyprus now play chess actively, most of them children. That matters: a sustainable chess economy, like any successful sports ecosystem, depends not only on marquee tournaments but also on a steady pipeline of young talent, coaching infrastructure and institutional support.

As Cyprus continues to invest in the game, it is increasingly positioning itself not just as a host nation, but as a serious contributor to the future of European chess.

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