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Cyprus Sees Record €3.9 Billion In New Lending For 2024, Loan Restructurings Drop Sharply

by THEFUTURE.TEAM

February 5, 2025

Cyprus experienced a significant surge in new lending, with total loans issued to businesses and households reaching a record €3.9 billion in 2024, marking an 18% increase from the previous year, according to the Central Bank of Cyprus (CBC).

This figure represents the highest level of new lending since the CBC began recording data in 2014. The rise was predominantly driven by a surge in business loans, which saw the largest annual growth since 2017, while household borrowing also recorded its biggest jump in three years.

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Business lending was the main contributor, with new loans to businesses climbing by 27%, reaching €2.44 billion in 2024 compared to €1.92 billion in 2023. This was the highest increase in business lending since 2017 when growth hit 43.6%.

Meanwhile, new household loans rose at a slower pace, up by 5.2%, totaling €1.42 billion, compared to €1.35 billion the year before.

In a contrasting trend, loan restructurings dropped sharply in 2024. The total value of restructured loans fell by 30.6% to €2.46 billion, down from €3.55 billion in 2023. Household loan restructurings saw a steeper drop of 36%, falling from €826.5 million to €529.6 million, while restructured business loans decreased by 29%, from €2.73 billion to €1.93 billion.

A significant portion of the new lending was concentrated in December 2024, when net new loans to businesses and households soared to €598 million, an 86.6% increase from December 2023. Business lending accounted for the lion’s share of this surge, with new loans reaching €401.9 million, compared to €150.2 million in the same month the previous year.

The shift in lending patterns reflects broader changes in the economic landscape. While 2023 saw slower business lending and declining household borrowing due to rising interest rates, the second half of 2024 witnessed a drop in rates following European Central Bank monetary policy decisions, encouraging increased lending.

However, concerns have been raised over the growing reliance on consumer loans. The Fiscal Council has warned that rising household borrowing, coupled with a decline in mortgage demand, indicates increasing financial pressure on households. Additionally, the CBC data reveals a growing preference among banks for financing larger businesses, with smaller loans seeing fewer restructurings, which could indicate financial strain for small and medium-sized enterprises (SMEs).

The Fiscal Council’s 2024 report suggests that the rising imbalance in lending patterns between large firms and SMEs may require targeted policy measures to ensure fairer access to financing across the economy.

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EU Moderates Emissions While Sustaining Economic Momentum

by THEFUTURE.TEAM

November 15, 2025

The European Union witnessed a modest decline in greenhouse gas emissions in the second quarter of 2025, as reported by Eurostat. Emissions across the EU registered at 772 million tonnes of CO₂-equivalents, marking a 0.4 percent reduction from 775 million tonnes in the same period of 2024. Concurrently, the EU’s gross domestic product rose by 1.3 percent, reinforcing the ongoing decoupling between economic growth and environmental impact.

Sector-By-Sector Performance

Within the broader statistics on emissions by economic activity, the energy sector—specifically electricity, gas, steam, and air conditioning supply—experienced the most significant drop, declining by 2.9 percent. In comparison, the manufacturing sector and transportation and storage both achieved a 0.4 percent reduction. However, household emissions bucked the trend, increasing by 1.0 percent over the same period.

National Highlights And Notable Exceptions

Among EU member states, 12 reported a reduction in emissions, while 14 saw increases, and Estonia’s figures remained static. Notably, Slovenia, the Netherlands, and Finland recorded the most pronounced declines at 8.6 percent, 5.9 percent, and 4.2 percent respectively. Of the 12 countries reducing emissions, three—Finland, Germany, and Luxembourg—also experienced a contraction in GDP growth.

Dual Achievement: Environmental And Economic Goals

In an encouraging development, nine member states, including Cyprus, managed to lower their emissions while maintaining economic expansion. This dual achievement—reducing environmental impact while fostering economic activity—is a trend that has increasingly influenced EU climate policies. Other nations that successfully balanced these outcomes include Austria, Denmark, France, Italy, the Netherlands, Romania, Slovenia, and Sweden.

Conclusion

As the EU continues to navigate its climate commitments, these quarterly insights underscore a gradual yet significant shift toward balancing emissions reductions with robust economic growth. The evolving landscape highlights the critical need for sustainable strategies that not only mitigate environmental risks but also invigorate economic resilience.