Smart Money Starts Here | The Cyprus Report

Cyprus Economy Grows 3.2% in Q2 as Tourism and Services Drive Recovery

By Andreas Petridis 7 August 2026 7 min read

The Statistical Service of Cyprus reported stronger-than-expected GDP growth for the second quarter, fuelled by a record summer tourism season and robust activity in the professional services sector. Economists say the island is on track to exceed its annual growth forecast of 2.8%.

Property

Limassol Property Prices Hit New Record as Foreign Demand Surges

6 Aug 2026 5 min

Apartment prices in Limassol have risen 14% year-on-year, driven by continued interest from European and Middle Eastern buyers.

Energy

Cyprus Aphrodite Gas Field: New Timeline for First Production

6 Aug 2026 4 min

Energy Minister confirms revised schedule for natural gas extraction, with first deliveries now expected by late 2027.

Pensions

Cyprus Social Insurance: Contribution Rates Under Review

5 Aug 2026 4 min

The Ministry of Labour is considering adjustments to employee and employer contributions to ensure long-term fund sustainability.

Society

Tourist Arrivals Exceed 2 Million by July, Boosting Local Jobs

5 Aug 2026 3 min

The hospitality sector has added over 4,000 seasonal positions, with many transitioning to permanent roles ahead of winter.

Banking

Cyprus Banks Offer New Fixed-Rate Savings at 4.5%

4 Aug 2026 4 min

Major Cypriot lenders have launched competitive 12-month fixed deposit products, responding to ECB rate signals.

Social Care

Gesy Expansion: New Treatments Added to Public Health Scheme

4 Aug 2026 3 min

The national health system now covers additional specialist procedures, reducing out-of-pocket costs for thousands of families.