Cyprus Budget Deficit Rises To €1.79 Billion In 2025

by THEFUTURE.TEAM

March 24, 2026

Overview Of The Fiscal Report

Cyprus recorded a state budget deficit of €1.79 billion in 2025, according to the latest fiscal report from the Treasury. The report compares planned and actual revenues and expenditures and is submitted annually by the Accountant General within three months of the financial year’s end.

Fiscal Report Insights And Approval Process

The report was prepared by Accountant General Andreas Antoniades and submitted to Finance Minister Makis Keravnos on March 12, 2026. It was approved by the Cabinet on March 16 and later submitted to the House of Representatives on March 23. An audit by the Auditor General is also included, supporting the accuracy of the financial data.

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Revenue And Expenditure Trends

Revenues, excluding loan-related inflows, reached €10.05 billion in 2025, up from €9.57 billion in 2024, while expenditures rose to €10.15 billion from €9.89 billion. This resulted in a pre-borrowing deficit of €0.10 billion, compared to €0.32 billion the previous year.

Impact Of Loan Activities On The Fiscal Position

Once loan activity is included, the overall deficit widens. Loan drawdowns and repayments fell to €0.16 billion in 2025, down from €1.24 billion in 2024. At the same time, spending related to loan repayments and issuances declined to €1.85 billion from €2.53 billion. As a result, the total budget deficit increased to €1.79 billion, compared to €1.61 billion a year earlier.

The Central Role Of Taxation

Tax revenue remained the main source of state income, reaching €8.6 billion in 2025, up from €8 billion in 2024. This accounts for around 86% of total revenues. The structure remained broadly unchanged, with 44% coming from indirect taxes and 42% from direct taxes.

Key Expenditure Categories And Public Debt Overview

Spending on public sector wages, pensions and gratuities totalled €3.52 billion. Social benefits reached €2.02 billion, including a €0.82 billion state contribution to the General Healthcare System. Grants and contributions to public entities and international organisations amounted to €1.67 billion.

Total government debt, excluding intra-government borrowing, declined to €19.24 billion at the end of 2025, from €20.92 billion a year earlier. At the same time, intra-government borrowing increased to €13.21 billion from €12.03 billion.

Conclusion

The report shows a narrowing deficit before borrowing, alongside a higher overall deficit once loan activity is included. At the same time, tax revenues continue to support public finances, while government debt remains on a downward path.

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Apple Schedules October 28 Event As Focus Shifts To Pro Devices And Macs

by THEFUTURE.TEAM

October 20, 2026

Apple has invited media and analysts to an event in Los Angeles on October 28, signalling a new product launch focused on its high-end devices. The company described the gathering as an “Apple Experience in Los Angeles”, accompanied by the teaser line “Pro and tell”.

The wording suggests a focus on professional-grade products, potentially powered by Apple’s latest in-house chips. The event also comes as the company appears to be moving towards a more frequent product launch schedule under chief executive John Ternus.

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A More Aggressive Launch Rhythm

Ben Reitzes, an analyst at Melius Research, said in a Monday note that he expects Apple to unveil new Macs this autumn, including what he described as a touchscreen notebook. He also suggested that Ternus is introducing a “meaningful shift” from the two major annual events that characterised the Tim Cook era.

The October showcase will be Apple’s third product event under Ternus, who succeeded Cook last month. Previous launches included new iPhones, among them the foldable Duo, as well as a separate New York event focused on smart home hubs and HomeView, a screen-equipped speaker.

Macs Move Back Into Focus

Apple refreshed the Mac Mini and Mac Studio with new chips in August and updated the MacBook Pro in the spring, alongside the lower-priced MacBook Neo. The iMac, however, has not received an update since October 2024, leaving room for further announcements.

Mac revenue accounted for roughly 10% of Apple’s total sales in the most recent quarter, highlighting the iPhone’s continued importance to the business. Nevertheless, Macs have become one of the company’s stronger assets in artificial intelligence, partly because their chips can access more memory at higher speeds than many consumer processors.

AI Partnerships Add Strategic Significance

Apple’s Mac strategy is gaining importance as the company develops its artificial intelligence offering. Last week, Apple and Meta announced a partnership to bring a large open-weight model developed by Meta to multiple high-end Mac Studio systems.

A potential move towards touchscreen laptops would also mark a departure from Apple’s historical position. In 2018, software chief Craig Federighi argued that the ergonomics of touchscreen laptops could fatigue users, reflecting the company’s long-standing resistance to the format.

Apple shares have risen 26% this year, outperforming the S&P 500 as investors continue to respond to the company’s hardware margins and evolving AI strategy.

The October 28 event will provide another indication of how Ternus plans to reshape Apple’s product cycle and position its premium devices in an increasingly competitive technology market.

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