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Greece’s Leap Into The Future With A €41 Million Supercomputer Initiative

In a major development, Greece is stepping into the global arena of high-performance computing with the launch of its state-of-the-art supercomputer, named Daedalus. The intricate project, entrusted to HP Hellas, is set to bring a remarkable transformation to the country’s digital landscape at a cost of €41 million.

The unveiling of this computational behemoth, orchestrated by Greece’s Ministry of Digital Governance, will take place at Lavrio’s Technological Cultural Park. This move is a pivotal step for Greece, not only enhancing its research capabilities but also firmly positioning it among the world’s foremost scientific hubs.

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Why Daedalus Is A Game Changer

The deployment of Daedalus is driven by a growing demand for advanced computational power to handle vast data for scientific and industrial applications. Greek scientists and researchers, alongside their European counterparts, stand to benefit significantly from this upgrade in technological prowess.

Designed to enhance Greece’s competitive edge, Daedalus will be instrumental in powering AI-driven applications, expected to tackle complex scientific simulations that ordinary computing systems simply cannot manage.

Unmatched Performance And Sustainability

Projected to exceed 60 Petaflops, Daedalus not only outpaces its predecessor ARIS but also ranks among the world’s top 30 supercomputers, according to TOP500 and GREEN500 listings. This leap in power complements its eco-friendly design, incorporating renewable energy systems to keep operations sustainable and minimize environmental impact.

Set up in a historically significant site, the “Former Electric Station” building, this vast 1,500 square meter facility represents not just a technological triumph but a marriage of heritage and innovation.

Cyprus Government Surplus Rises To €1.61 Billion In First Nine Months Of 2026

Cyprus recorded a general government surplus of €1.61 billion in the first nine months of 2026, equal to 4.0% of gross domestic product, as revenue growth outpaced the rise in public spending. Higher receipts from income taxes, social contributions and value-added tax (VAT) drove the improvement, while lower capital expenditure helped restrain spending.

Preliminary figures released Tuesday by the Statistical Service of Cyprus show the surplus rose to €1.17 billion, or 3.0% of GDP, up from € 442.1 million in the same period of 2025.

Total government revenue increased 6.5% to €12.09 billion, while expenditure rose 2.9% to €10.48 billion.

Key Fiscal MeasureJanuary–September 2025January–September 2026
Total revenue€11,353.9 million€12,091.8 million
Total expenditure€10,186.2 million€10,482.1 million
Government surplus€1,167.6 million€1,609.7 million
Surplus as a share of GDP3.0%4.0%

Income Taxes And VAT Lead Revenue Growth

Taxes on income and wealth made the largest contribution to the increase in revenue. Receipts in this category climbed by €442.2 million, or 15.3%, to €3.34 billion, compared with €2.89 billion a year earlier.

Social contributions rose by €235 million, or 6.6%, to €3.78 billion. Taxes on production and imports increased by €251.5 million, or 7.2%, reaching €3.77 billion.

Net VAT receipts, after refunds, totalled €2.64 billion, up €293.1 million, or 12.5%, from €2.35 billion in the first nine months of 2025.

Some Revenue Streams Decline

Not all revenue categories moved higher. Capital transfers fell by €74.6 million to €96.7 million, while current transfers declined by €71.6 million, or 20.5%, to €278.2 million.

Revenue from services slipped 1.0% to €743.5 million. Interest and dividend receipts dropped by €37 million, or 28.6%, to €92.4 million.

Social Benefits And Personnel Costs Increase

On the expenditure side, social benefits rose by €199.6 million, or 4.9%, to €4.27 billion. Compensation of employees—which includes imputed social contributions and public-sector pensions—increased by €108.3 million, or 3.8%, to €2.99 billion.

Intermediate consumption, covering goods and services used in the delivery of public services, rose by €114.3 million, or 11.0%, to €1.16 billion. Interest payments increased by €8.7 million, or 2.6%, to €340.7 million. Current transfers were up €68.7 million, or 10.6%, at €714.7 million.

Lower Capital Spending Limits Expenditure Growth

The overall increase in spending was tempered by a decline in capital expenditure. Capital-account spending fell by €189.9 million, or 16.9%, to €936.2 million from €1.13 billion in the same period last year.

Investment in fixed capital declined by €94.1 million, or 12.1%, to €686.4 million. Other capital transfers fell by €95.8 million, or 27.7%, to €249.8 million. Subsidies also decreased, dropping by €13.9 million, or 15.5%, to €75.8 million.

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