Cyprus and Greece Showcase Technological Prowess at GITEX Global 2025

by THEFUTURE.TEAM

October 22, 2025

Leading the Charge in Innovation

Cyprus and Greece have successfully concluded their participation at GITEX Global 2025, one of the world’s most influential technology and innovation exhibitions. The Cyprus Information Technology Enterprises Association (CITEA) expertly coordinated both national delegations, demonstrating the dynamic growth and global competitiveness of the Eastern Mediterranean’s technology ecosystems.

Strategic Presence on the Global Stage

Hosted from October 13 to 17 at the Dubai World Trade Centre, the event attracted thousands of global investors, tech leaders, and entrepreneurs. The Cyprus Pavilion, organized by the Ministry of Energy, Commerce and Industry in partnership with the Trade Centre of the Republic of Cyprus in Dubai and supported by CITEA, brought together 14 leading Cypriot technology companies. In a parallel effort, the Greece Pavilion, officially backed by Enterprise Greece and the Federation of Hellenic ICT Enterprises (SEPE), marked its debut with five prominent Greek companies.

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Building International Partnerships

Both delegations capitalized on high-value networking opportunities with international organizations and innovative firms, underscoring the potential for new partnerships and cross-border collaboration. CITEA’s pivotal role in coordinating activities ensured that the delegations not only maintained cohesion but also maximized visibility on the global stage.

Endorsements From Industry Leaders

The gathering was further highlighted by the presence of leading officials. The Cyprus Pavilion welcomed Minister of Energy, George Papanastasiou, Chief Scientist of the Republic of Cyprus, Demetris Skourides, and Ambassador of Cyprus to the UAE, Meropi Christophi. The Minister emphasized the integral role of innovation and technology in Cyprus’ strategic development, while Skourides lauded the exceptional expertise of Cypriot companies. Ambassador Christophi also expressed strong support for the national mission, which effectively showcased Cyprus and Greece’s professional and positive representation in the United Arab Emirates.

Looking Ahead

On behalf of CITEA, gratitude was extended to all supporters and participants. This impressive display of innovation and collaboration at GITEX Global 2025 reinforces the position of Cyprus and Greece as emerging hubs of digital advancement, prepared to play influential roles on the international stage.

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Cyprus Government Surplus Rises To €1.61 Billion In First Nine Months Of 2026

by THEFUTURE.TEAM

November 5, 2026

Cyprus recorded a general government surplus of €1.61 billion in the first nine months of 2026, equal to 4.0% of gross domestic product, as revenue growth outpaced the rise in public spending. Higher receipts from income taxes, social contributions and value-added tax (VAT) drove the improvement, while lower capital expenditure helped restrain spending.

Preliminary figures released Tuesday by the Statistical Service of Cyprus show the surplus rose to €1.17 billion, or 3.0% of GDP, up from € 442.1 million in the same period of 2025.

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Total government revenue increased 6.5% to €12.09 billion, while expenditure rose 2.9% to €10.48 billion.

Key Fiscal Measure	January–September 2025	January–September 2026
Total revenue	€11,353.9 million	€12,091.8 million
Total expenditure	€10,186.2 million	€10,482.1 million
Government surplus	€1,167.6 million	€1,609.7 million
Surplus as a share of GDP	3.0%	4.0%

Income Taxes And VAT Lead Revenue Growth

Taxes on income and wealth made the largest contribution to the increase in revenue. Receipts in this category climbed by €442.2 million, or 15.3%, to €3.34 billion, compared with €2.89 billion a year earlier.

Social contributions rose by €235 million, or 6.6%, to €3.78 billion. Taxes on production and imports increased by €251.5 million, or 7.2%, reaching €3.77 billion.

Net VAT receipts, after refunds, totalled €2.64 billion, up €293.1 million, or 12.5%, from €2.35 billion in the first nine months of 2025.

Some Revenue Streams Decline

Not all revenue categories moved higher. Capital transfers fell by €74.6 million to €96.7 million, while current transfers declined by €71.6 million, or 20.5%, to €278.2 million.

Revenue from services slipped 1.0% to €743.5 million. Interest and dividend receipts dropped by €37 million, or 28.6%, to €92.4 million.

Social Benefits And Personnel Costs Increase

On the expenditure side, social benefits rose by €199.6 million, or 4.9%, to €4.27 billion. Compensation of employees—which includes imputed social contributions and public-sector pensions—increased by €108.3 million, or 3.8%, to €2.99 billion.

Intermediate consumption, covering goods and services used in the delivery of public services, rose by €114.3 million, or 11.0%, to €1.16 billion. Interest payments increased by €8.7 million, or 2.6%, to €340.7 million. Current transfers were up €68.7 million, or 10.6%, at €714.7 million.

Lower Capital Spending Limits Expenditure Growth

The overall increase in spending was tempered by a decline in capital expenditure. Capital-account spending fell by €189.9 million, or 16.9%, to €936.2 million from €1.13 billion in the same period last year.

Investment in fixed capital declined by €94.1 million, or 12.1%, to €686.4 million. Other capital transfers fell by €95.8 million, or 27.7%, to €249.8 million. Subsidies also decreased, dropping by €13.9 million, or 15.5%, to €75.8 million.

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