Cabinet approves 2025 Fiscal Programme, growth expected at 3.7% this year

by THEFUTURE.TEAM

October 10, 2024

The Cabinet approved the draft 2025 Fiscal Programme of the Republic, Government Spokesperson Konstantinos Letymbiotis has said, noting that growth this year is expected to reach 3.7%.

In statements after the 9 October meeting of the Cabinet, the Spokesman said that the Minister of Finance will submit the Fiscal Programme to the General Directorate of Economic and Financial Affairs of the European Commission.

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He said that this is the second evaluation that takes place in the autumn of each year on the basis of plans and budget programmes submitted by the countries by October 15 each year. The evaluation, he said, concerns the revised, expected fiscal results for the current year and the revised forecasts, mainly for the next year, on the basis of the government’s budget plan for the coming year.

The Spokesperson said that the EU evaluates the plans no later than November 30 each year. Based on the main macroeconomic scenario included in the draft fiscal program 2025, he said, the Cypriot economy is expected to grow at a rate of 3.7% in 2024 in real terms.

Inflation, based on the harmonized index of consumer prices, is expected to be 2.2% in 2024 and fall further to 2% in 2025-2027, he added.

Letymbiotis noted that the fiscal balance of the general government in 2024 is expected to have a surplus of 3.9% as a percentage of GDP.

Concluding, he said that public debt for 2024 is estimated to be 68.9% of GDP, compared to 77.4% of GDP at the end of the previous year.

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EU Adopts New Package Travel Rules With 14-Day Refund Requirement

by THEFUTURE.TEAM

April 3, 2026

The Council of the European Union adopted updated rules on package travel, introducing stricter requirements for refunds, transparency and consumer protection across member states. Updated provisions revise the existing directive and define obligations for travel providers offering bundled services such as flights, accommodation and transfers.

Clarifying The Package Travel Directive

The updated directive clarifies the definition of package travel and excludes certain linked travel arrangements from its scope. Coverage applies to services sold as a single product, including combinations of transport, accommodation and additional services. This revision standardizes how travel products are classified and clarifies rights and obligations for both providers and consumers at the point of purchase.

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Enhancing Transparency And Consumer Rights

New rules require providers to disclose key information before and during travel, including payment terms, visa requirements, accessibility conditions and cancellation policies. These disclosures aim to reduce disputes and improve consumer awareness. Defined refund timelines include a 14-day period for cancellations due to extraordinary circumstances and up to six months in cases of organiser insolvency. The measures address gaps identified in earlier versions of the directive.

Ensuring Accountability And Trust In Travel Services

Organisers must implement complaint-handling systems and provide clear information on insolvency protection under the updated framework. These provisions aim to improve accountability across the travel sector. Previous disruptions, including the collapse of Thomas Cook and travel restrictions during COVID-19, exposed weaknesses in refund processes and consumer protection. Updated rules respond to those issues.

Implications For Cyprus And The Broader Industry

Tourism accounts for approximately 14% of Cyprus’s GDP, with package travel playing a central role in visitor flows. Major operators such as TUI and Jet2 provide structured travel offerings that support demand. Such operators contribute to revenue stability and help extend the tourism season by securing transport and accommodation in advance. Greater regulatory clarity may support continued sector growth.

A Model For Future Consumer Protection

Clearer rules on vouchers, refunds and insolvency protection now apply across the European Union. These measures aim to reduce consumer risk in cross-border travel. Implementation across member states will determine the impact on both consumers and travel providers. The framework may influence future regulatory approaches in the sector.

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