The Cyprus government will extend the fuel tax reduction by ten weeks until November 30 to combat rising global oil prices. This decision aims to mitigate price increases while authorities prepare for a new EU-mandated fuel policy coming into effect in 2028.
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Cyprus achieved a 3.3% GDP growth rate in the first half of 2026, significantly outperforming the 1% average across the eurozone. Finance Minister Makis Keravnos attributed this success to trade, technology, and financial sectors while promising to maintain prudent fiscal policies.
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The Cypriot government has announced a comprehensive pension reform package worth 500 million euros to be implemented starting January 2027. Negotiations are ongoing regarding the controversial 12% early retirement penalty, with a key meeting scheduled for September 3.
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The Cypriot Cabinet has approved four new permanent desalination plants to secure long-term water supply and reduce reliance on rainfall. These projects replace previous plans for mobile and floating emergency units.
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DISY leader Annita Demetriou has proposed a ten-year repayment plan for bank depositors and bondholders to recover past financial losses. The party also intends to bring the issue of legal costs for withdrawn lawsuits before the parliamentary finance committee.
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The Cyprus hotel industry aims to limit annual losses to 10 percent after a challenging start to 2026. Efforts by stakeholders have helped stabilize the market, with positive booking trends reported for the autumn months.
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Severe storms in Paphos caused widespread damage to agricultural crops, greenhouses, and infrastructure last weekend. Inspection teams are currently evaluating 45 reported claims to determine eligibility for state compensation.
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