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Cyprus Economy: Assessing The €566.9 Million Surplus In January 2025

by News Editor

March 11, 2025

Cyprus has kicked off 2025 on a high note, recording a general government surplus of €566.9 million, equivalent to 1.6% of GDP, as per CySTAT’s preliminary fiscal results.

Compared to January 2024, which saw a surplus of €476.5 million (1.4% of GDP), this year marks a significant improvement. Revenue rose by €194.3 million, a 14.3% increase from 2024’s €1,360.6 million.

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Key Revenue Increasers

Taxes on production and imports grew by 11.3%, reaching €396.3 million. Notably, VAT netted €249.7 million, a 3.5% hike.

Income-related taxes added €52.2 million, totaling €592.7 million. Worried about property income scarcity? Good news: it soared by 37.4% to €10.3 million.

Assessment Of Expenditures

Expenditure in January 2025 rose to €988.0 million, up by 11.8% from 2024. Employee compensations witnessed a substantial increase, rising by €28.4 million. Social benefits followed suit, augmenting by €49.6 million.

While capital transfers saw a notable slump, the capital account experienced a healthy boost of 29.8%, reaching €31.6 million.

For those intrigued by Cyprus’ financial journey, comparing this growth to different economic metrics, such as Euro Area’s revised growth forecast, can provide deeper insights.

It’s worth mentioning that data absences have resulted in estimates being made for the Local Government Subsector. As Cyprus continues to navigate its financial landscape, these surpluses reflect a nation steadily poised for growth.

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Cyprus Construction Trends: Permit Count Slips While Value and Scale Surge in 2025

by THEFUTURE.TEAM

July 11, 2025

The Cyprus Statistical Service (Cystat) has reported a notable shift in the construction landscape for 2025. The latest figures reveal a modest 1.9% decline in building permits issued in March compared to the same month last year, signaling a nuanced trend in the nation’s developmental activities.

Permit Count Decline in March

In March 2025, authorities authorised 572 building permits—down from 583 in March 2024. The permits, which total a value of €361.5 million and cover 296,900 square metres of construction, underscore a cautious pace in permit approval despite ongoing projects. Notably, these permits are set to facilitate the construction of 1,480 dwelling units, reflecting an underlying demand in the housing sector.

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Q1 2025: Growth in Value, Construction Area, and Dwelling Units

While the number of permits in the first quarter (January to March) decreased by 15.8% from 1,876 to 1,580, more significant, economically relevant metrics saw robust growth. Total permit value surged by 21.7%, and the authorised construction area expanded by 15.6%. Additionally, the number of prospective dwelling units increased by 16.7% compared to the corresponding period last year. This divergence suggests that although fewer permits were issued, the scale and ambition of the approved projects have intensified.

New Regulatory Framework and the Ippodamos System

Since 1 July 2024, a pivotal transition has taken place in permit administration. The responsibility for issuing permits has moved from municipalities and district administration offices to the newly established local government organisations (EOAs). The integrated information system, Ippodamos, now oversees the licensing process, streamlining data collection on both residential and non-residential projects across urban and rural areas.

Comprehensive Data Collection for Enhanced Oversight

The Ippodamos system categorises construction projects using the EU Classification of Types of Construction (CC). This platform gathers extensive data on the number of permits authorised, project area and value, and the expected number of dwelling units. It covers a broad spectrum of construction activities—from new builds and civil engineering projects to plot divisions and road construction—while excluding renewals and building divisions. The thoroughness of this new regulatory structure promises greater operational transparency and more informed decision-making for policymakers and industry stakeholders.