Larnaca Takes First Step Towards Smart City Transformation

by THEFUTURE.TEAM

February 13, 2025

By the end of spring, Larnaca aims to implement a smart parking system as part of its broader initiative to become a smart city. This marks the first step in the “Larnaca Becomes a Smart City” program, which will also include upgrades to street lighting and waste management systems.

Smart Parking System Set To Launch

The tenders for the smart parking system are expected to be awarded in early March, with installation to begin in municipal parking lots in Mackenzie and the city center. Larnaca Mayor Andreas Vyras has stated that the goal is to have the system in place before the start of the tourist season, with an estimated budget of €2 million.

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How It Works

The system will allow both residents and visitors to benefit from more efficient parking. Through an electronic application, users will be able to view available parking spaces and monitor average parking times during peak hours. The sensors, which will be installed in the parking areas, will send data wirelessly to the city’s Smart City platform. Citizens can also make electronic payments through their mobile phones.

Inclusive Features

The system will support a range of special user categories, such as people with disabilities, permanent residents, and delivery vehicles. It will also be integrated with controlled on-street parking areas, including those with electric vehicle charging stations.

Seamless Integration With Other Parking Systems

The plan includes integrating this smart parking system with both public and private parking systems, offering drivers a comprehensive view of all available parking options across the city.

This initiative is a major step toward transforming Larnaca into a modern, tech-savvy city that meets the needs of its residents and visitors while also contributing to a sustainable future.

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Cyprus Posts €573.3M Fiscal Surplus In Q1 2026

by THEFUTURE.TEAM

May 4, 2026

Robust Fiscal Health Marks Strong Start To 2026

The Cyprus government has reported a fiscal surplus of €573.3 million in the first quarter of 2026, according to preliminary figures from the Cyprus Statistical Service. This healthy surplus, which accounts for 1.5% of the nation’s GDP, reflects a slight decrease from the €600.60 million surplus (1.6% of GDP) recorded in the corresponding period of 2025.

Revenue Growth: A Detailed Break Down

Total revenue surged by €194.00 million, or 5.4%, reaching €3.81 billion compared with €3.61 billion during the same quarter last year. Key components of this growth include:

Income and wealth taxes increased by €107.80 million (10.9%), amounting to €1.09 billion.
Social contributions rose by €86.00 million (7.3%) to €1.26 billion.
Taxes on production and imports grew by €31.50 million (2.9%), totaling €1.12 billion.
Net VAT revenue climbed by €34.60 million (4.8%), reaching €758.80 million.
Capital transfers, though modest, increased by €0.60 million (13.6%) to €5.00 million.

Expenditure Shifts And Sectoral Variances

Despite robust revenue, the governmental expenditure also increased notably by €221.30 million (7.3%) to €3.23 billion. Noteworthy changes include:

Intermediate consumption grew by €25.60 million (9.2%), reaching €303.70 million.
Compensation of employees, including social contributions and civil service pensions, rose by €23.00 million (2.4%) to €974.80 million.
Social benefits experienced an increase of €82.30 million (6.4%), climbing to €1.36 billion.
Interest payments surged by €29.90 million (41.1%), totaling €102.70 million.
Current transfers saw a significant uptick of €58.80 million (31.6%), reaching €245.00 million.
Other fiscal components, such as the capital account and gross capital formation, also recorded modest improvements.
However, some areas experienced a decline with property income falling by €3.30 million (17.5%) and revenue from the sale of goods and services dropping by €19.00 million (7.2%).
Subsidies were reduced by €3.90 million (19.5%), totaling €16.10 million compared to the previous period.

Strategic Implications For The Cypriot Economy

Overall, the data indicate concurrent growth in both revenue and expenditure during the quarter. Higher tax income and social contributions supported revenue performance, while increased spending on social benefits, transfers, and interest payments contributed to the rise in expenditure.

Outlook

As the fiscal year progresses, the balance between revenue growth and expenditure levels will remain central to maintaining a surplus. Future outcomes will depend on how these trends evolve across both sides of the budget.

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