AGP Executive Report
Last update: an hour agoEastern Mediterranean: Libya’s eastern parliament has approved its 2019 maritime deal with Türkiye, prompting Cyprus to declare it illegal; the dispute adds uncertainty for regional energy and cable projects. Energy: Cyprus’s Great Sea Interconnector costs remain unclear, with the €1.9bn estimate questioned and completion pushed back a year. Cyprus has linked its first €25m payment to Greece issuing a NAVTEX. Cyprus and Egypt have also signed an agreement on the Aphrodite gas field, advancing plans to use Egyptian infrastructure. Economic pulse: Revised figures put Cyprus GDP growth at 3.3% in the second quarter and 4.8% in 2025. Median gross earnings rose 3.8% to €1,953 in 2025, though housing costs and skills shortages threaten the labour market. Tourism and property: UK bookings for 2027 are down by as much as 30%, raising concern among hoteliers, while Cyprus property sales reached €3.7bn. Shipping: The ship registry has reached a 25-year high as Cyprus courts Asian shipping companies.
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