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Presidential Expenses In 2023: Detailed Breakdown Of Costs For Furnishing, Dining, Utilities, And Transport

In a comprehensive report released recently, the presidential office has disclosed the detailed breakdown of its expenses for the year 2023, amounting to €33,879 for furnishing, alongside notable expenditures on dining, electricity, and transportation. This transparency in spending aims to provide the public with insights into the operational costs of the presidential residence and activities, shedding light on the allocation of funds across various categories.

The significant expenditure on furnishings, totalling €33,879, reflects the necessary upgrades and maintenance required to preserve the presidential residence’s standards and functionality. This figure encompasses costs for new furniture, refurbishments, and essential decor updates, ensuring that the official residence remains representative and suitable for hosting state functions and dignitaries.

Dining expenses form another substantial part of the presidential budget. The report highlights the amounts spent on official meals, both at the residence and at various restaurants. These expenses are crucial for hosting formal dinners, meetings, and receptions with local and international officials, fostering diplomatic relations and supporting the president’s official duties. The meticulous documentation of these expenses underscores the administration’s commitment to transparency and accountability in its use of public funds.

Electricity costs are another critical component of the presidential budget. Running a residence of such scale, which includes not only living quarters but also offices and event spaces, necessitates significant energy consumption. The report provides detailed figures on electricity usage, reflecting efforts to manage and optimize energy consumption while maintaining the residence’s operational efficiency.

Transportation expenses, covering both local and international travel, are essential for the president’s official engagements. This includes costs for vehicles, fuel, maintenance, and travel arrangements for official trips. Ensuring the president can attend meetings, summits, and other critical events is vital for representing the nation’s interests both domestically and abroad.

The detailed breakdown of these expenses comes in response to calls for greater transparency in public spending. By providing a clear and comprehensive account of how funds are allocated and spent, the presidential office aims to build trust and maintain the public’s confidence in its financial management practices.

The report also emphasizes the importance of these expenditures in supporting the president’s role and responsibilities. Each category of spending plays a crucial role in facilitating the smooth operation of the presidential office, enabling it to function effectively and uphold its duties.

In a statement accompanying the report, a spokesperson for the presidential office said, “We are committed to maintaining transparency and accountability in all aspects of our financial operations. These expenses are essential for the maintenance and operation of the presidential office, and we strive to manage them with the utmost responsibility and care.”

The publication of this report aligns with broader governmental efforts to enhance transparency and accountability in public finances. It sets a precedent for other governmental bodies to follow, encouraging a culture of openness and responsible financial stewardship.

Cyprus Hits Historic Tourism Peak As Overtourism Risks Mount

Record-Breaking Performance In Tourism

Cyprus’ tourism sector achieved unprecedented success in 2025 with record-breaking arrivals and revenues. According to Eurobank analyst Konstantinos Vrachimis, the island’s performance was underpinned by solid real income growth and enhanced market diversification.

Robust Growth In Arrivals And Revenues

Total tourist arrivals reached 4.5 million in 2025, rising 12.2% from 4 million in 2024, with momentum sustained through the final quarter. Tourism receipts for the January–November period climbed to €3.6 billion, marking a 15.3% year-on-year increase that exceeded inflation. The improvement was not driven by volume alone. Average expenditure per visitor increased by 4.6%, while daily spending rose by 9.2%, indicating stronger purchasing power and higher-value tourism activity.

Economic Impact And Diversification Of Source Markets

The stronger performance translated into tangible gains for the broader services economy, lifting real tourism-related income and overall sector turnover. Demand patterns are also shifting. While the United Kingdom remains Cyprus’ largest source market, its relative share has moderated as arrivals from Israel, Germany, Italy, the Czech Republic, the Netherlands, Austria, and Poland have expanded. This gradual diversification reduces dependency on a single market and strengthens resilience against external shocks.

Enhanced Air Connectivity And Seasonal Dynamics

Air connectivity has improved markedly in 2025, with flight volumes expanding substantially compared to 2019. This expansion is driven by increased airline capacity, enhanced route coverage, and more frequent flights, supporting demand during shoulder seasons and reducing overreliance on peak-month flows. Seasonal patterns remain prominent, with arrivals building through the spring and peaking in summer, thereby bolstering employment, fiscal receipts, and corporate earnings across hospitality, transport, and retail sectors.

Structural Risks And Future Considerations

Despite strong headline figures, structural challenges remain. The European Commission’s EU Tourism Dashboard highlights tourism intensity, seasonality, and market concentration as key risk indicators. Cyprus records a high ratio of overnight stays relative to its resident population, signalling potential overtourism pressures. Continued reliance on a limited group of origin markets also exposes the sector to geopolitical uncertainty and sudden demand swings. Seasonal peaks place additional strain on infrastructure, housing availability, labour supply, and natural resources, particularly water.

Strategic Investment And Market Resilience

Vrachimis concludes that sustained growth will depend on targeted investment, product upgrading, and continued market diversification. Strengthening year-round offerings, improving infrastructure capacity, and promoting higher-value experiences can help balance demand while preserving long-term competitiveness. These measures are essential not only to manage overtourism risks but also to ensure tourism remains a stable pillar of Cyprus’ economic development.

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