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Cyprus projects €1.13 billion fiscal surplus in 2025 budget

by THEFUTURE.TEAM

October 7, 2024

Cyprus is set to deliver a fiscal surplus of €1.13 billion in 2025, equivalent to 3.3% of GDP, according to the state budget presented to the House of Representatives on Thursday. The budget outlines an overall increase in revenues of 6.2% in 2025, with a slight 1.2% reduction in expenditures compared to 2024.

Total state expenditure for 2025 is projected at €12.93 billion, encompassing debt repayments, interest, and investments. The breakdown includes €3.53 billion for the Fixed Fund, €7.85 billion in regular expenditures, and €1.55 billion for development expenses. This represents a slight decrease from the €13.1 billion allocated in 2024.

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In terms of revenues (excluding financial flows), the government forecasts a 6.2% increase, bringing the total to €10.31 billion in 2025, compared to €9.71 billion in 2024. The main sources of revenue will come from direct and indirect taxation, estimated at €8.48 billion—or 82% of total revenues. The remaining 18% will be generated from non-tax income, including the sale of goods and services, rental income, and transfers.

Direct tax revenues are projected to rise by 4.9% to €3.92 billion, while indirect taxes are expected to increase by 5.6%, totalling €4.56 billion. Non-tax revenues are forecast to see a significant 10.3% increase, reaching €1.83 billion.

While there is a slight 1% decrease in personnel-related expenditures, totalling €3.62 billion in 2025, operational expenditures are expected to surge by 21.4%, reaching €1.42 billion. This is attributed to increases in reserve funds, defence, policing, and consulting services.

Transfer payments—including social benefits, grants to public and private organizations, and contributions to the EU budget—are expected to grow by 5.3%, reaching €3.99 billion. The largest increases in 2025 will be in contributions to the General Healthcare System (GeSY) and social security funds.

Capital expenditures, which cover co-financed projects, land and equipment purchases, and building renovations, are projected to rise by 4% in 2025 to €1.14 billion. Meanwhile, debt service expenditures are expected to fall by 18.6%, dropping to €2.75 billion in 2025 from €3.38 billion in 2024.

Steady growth until 2027

Looking at key economic indicators, the Cypriot economy is expected to grow steadily through 2027. GDP for 2025 is projected at €33.86 billion, with an annual growth rate of 3.1%. By 2027, GDP is forecast to reach €37.54 billion, with growth rates of 3.2% and 3.3% in 2026 and 2027, respectively.

Unemployment is set to decline from 5.0% in 2024 to 4.5% by 2027, while inflation is expected to remain stable at 2.0% annually from 2025 to 2027. The fiscal surplus is forecast to remain strong, at 3.3% of GDP in 2025, declining slightly to 3.1% by 2027.

The primary surplus is expected to reach 4.8% of GDP in 2025 and stabilize at 4.4% by 2027. Meanwhile, public debt as a percentage of GDP is projected to decline from 69.3% in 2024 to 64.2% in 2025 and 53.5% by 2027. Capital expenditures are expected to peak at €1.39 billion (or 4.1% of GDP) in 2025, before dropping to 3.1% of GDP by 2027.

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Ecosia’s Bold Stewardship Proposal: Redefining Chrome’s Future and Championing Climate Action

by THEFUTURE.TEAM

August 22, 2025

Christian Kroll, CEO of Berlin-based nonprofit search engine Ecosia, has unveiled a daring proposition. In an unprecedented move, Ecosia has requested a 10-year stewardship of Google’s Chrome browser rather than advocating for its forced sale to a competitor. Though the idea may strike many as audacious, it is rooted in a strategic vision that extends far beyond conventional antitrust remedies.

Stewardship Proposal And Legal Implications

On Thursday, Ecosia formally submitted its proposal to both Google and U.S. Judge Amit Mehta, who is expected to deliver a ruling this month as part of the landmark 2024 antitrust decision against Google. As part of the proposed remedies, the Department of Justice has advocated for Google to divest its controlling interest in Chrome—a measure resisted by both the tech giant and other interested parties. With competitors like OpenAI and Perplexity aggressively signaling their intent to purchase the browser, the stage is set for an unprecedented restructuring of digital power.

Climate Commitment And Financial Realignment

Central to Ecosia’s proposal is the assertion that Chrome is poised to generate an estimated trillion dollars in revenue over the next decade. Kroll contends that an auction could value the asset in the hundreds of billions. Under his plan, Ecosia would assume control of approximately 60% of Chrome’s revenue, channeling billions into climate projects including rainforest protection, global reforestation, agroforestry initiatives, and green AI technology investments. The remaining 40% of revenue would continue to accrue to Google, allowing the tech giant to maintain intellectual property rights and default search engine status throughout the stewardship period.

Industry Impact And Strategic Vision

While the proposal appears unconventional, it is emblematic of Ecosia’s broader strategy to harness significant resources for environmental initiatives. The nonprofit, founded in 2009, already collaborates with local communities and NGOs across more than 35 countries and operates its own browser based on Chromium. By offering to manage Chrome while preserving the employment of its staff, Ecosia seeks not only to influence the distribution of billions generated by the browser but also to promote a more sustainable and socially responsible digital ecosystem.

A New Chapter In Antitrust And Digital Governance

Kroll is clear: traditional divestiture options will likely entrench the power and wealth of big tech. By challenging the status quo with its stewardship proposal, Ecosia hopes to persuade the court to consider innovative alternatives that could redefine industry dynamics. As the legal and financial debates intensify, the proposal serves as a reminder that rewriting the rules in the tech arena may unlock unprecedented opportunities for climate action and sustainable growth.