Cyprus Economic Resilience: Real GDP Growth Driven By Key Sectors In 2025

Macro-Economic Overview

The Statistical Service of Cyprus (Cystat) released its first estimate for 2025, showing that the country’s Gross Domestic Product increased by 3.8% in real terms and 4.5% at current prices. In real terms, GDP reached €30.52 billion, reflecting continued economic expansion compared with 2024. Nominal GDP rose to €36.32 billion, indicating higher overall economic activity during the year.

Diverse Sectoral Contributions

According to the production approach, growth was mainly supported by several key sectors of the economy. These included Information and Communications, Hotels and Restaurants, Construction, and Wholesale and Retail Trade, including motor vehicle repairs. The performance of these sectors contributed to the overall increase in economic output during 2025.

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Consumption, Investment, And Trade Dynamics

Data based on the expenditure approach show that public consumption increased by 6.7%, reaching €6.82 billion. Private consumption rose by 3.7% to €20.65 billion. Gross fixed capital formation grew by 2.3%, reaching €7.35 billion, reflecting continued investment activity. Exports increased by 5.3% to €35.52 billion, while imports rose by 4.9% to €34.04 billion. The increase in imports moderated the overall contribution of external trade to GDP growth.

Quarterly Insights: Strong Fourth Quarter Performance

Separate data from Cystat indicate that seasonally adjusted real GDP grew by 4.5% in the fourth quarter of 2025 compared with the same period in 2024, reaching €7.76 billion. Quarterly, GDP increased by 1.4% compared with the third quarter of the year. Growth during the period was mainly recorded in Wholesale and Retail Trade, Information and Communications, and Hotels and Restaurants. The figures confirm continued economic expansion across several sectors of the Cypriot economy during the final quarter of 2025.

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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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