AGP Executive Report
Last update: 3 hours agoEnergy Links: Greece is preparing to restart seabed surveys for the €1.9bn Great Sea Interconnector, with a maritime notice expected in the coming days. Turkey says its proposed gas pipeline to the north could eventually supply power to the whole island, underscoring competing plans for Cyprus’s energy future. Retail and Pay: Cyprus recorded the EU’s strongest annual retail growth in September, with sales volumes up 7.6%. Average annual pay reached €29,547 in 2025, up 5%, but remained about 29% below the EU average. External Accounts: Cyprus’s current-account deficit was revised to 8.8% of GDP in 2025 and widened to 12.8% in the first half of 2026, as pressure on investment income and trade balances grew. Investment Climate: The US ambassador warned that red tape is costing Cyprus investment, while a Cyprus–Vietnam forum explored trade and partnerships in shipping, technology, tourism and renewable energy. Banking: Bank of Cyprus reported nine-month profit of €383m, up 9% year on year, and raised its 2026 profitability target.
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