Cyprus Invested €213.6 Million In R&D In 2023, Up 3.2% From 2022

by THEFUTURE.TEAM

October 16, 2025

Incremental Rise in R&D Spending

Cyprus dedicated €213.6 million to research and development in 2023, amounting to 0.68% of its GDP, according to data released by Cystat. This figure represents a modest 3.2% increase over the previous year, when total expenditure reached €207 million (0.70% of GDP).

Comparative European Landscape

While research and innovation spending in Cyprus has consistently trended upward over the past decade, its relative investment remains below the EU average of 2.26%. Countries such as Malta and Romania exhibit similarly lower percentages, at 0.64% and 0.52% of GDP, respectively, as opposed to the frontrunners like Sweden (3.64%), Belgium (3.27%), and Austria (3.26%) in 2023.

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Long-Term Growth Prospects

Despite its modest share of GDP, Cyprus boasts one of the highest long-term growth rates in its bloc. Between 2000 and 2023, the nation’s R&D expenditure grew at an annual average of 9.96%, and from 2010 to 2023, this growth averaged 7.23%—significantly outpacing the EU’s averages of 4.47% and 4.62% respectively.

Sectoral and Funding Breakdown

Analysis by sector reveals that business enterprises led R&D activity with €89.6 million (41.9% of total expenditure), followed by higher education institutions at €76.9 million (36%), private non-profit organizations at €31.1 million (14.6%), and the government at €16 million (7.5%). Within the corporate sphere, investment was primarily channeled through information and communication companies (accounting for €51.7 million), complemented by pharmaceutical, electronics, and electrical equipment manufacturers, which contributed €25.9 million.

Diversified Funding Sources

Government funds underwrote 23.5% of the total R&D activity, equating to €50.2 million, a slight increase from 22.1% the previous year. Public universities injected €27 million into the ecosystem, while foreign funding, including EU contributions, provided €45.1 million. Notably, the private sector led the financing efforts with a contribution of €91.3 million, representing 42.8% of the aggregate expenditure.

Disciplinary Focus and Human Capital

Research investments were predominantly directed towards the natural sciences (€94.5 million) and engineering and technology (€66.1 million). The social sciences (€22.3 million), agricultural sciences (€12.6 million), medical sciences (€10.5 million), and humanities (€7.5 million) completed the funding profile. The R&D workforce in 2023 edged up slightly, engaging 4,257 personnel overall, including 2,308 full-time equivalent researchers, 39.4% of whom were women, with roughly one-third holding PhD qualifications.

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Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

by THEFUTURE.TEAM

February 17, 2026

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

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The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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