AGP Executive Report
Last update: 10 hours agoCyprus Growth Watch: Cyprus’ economy accelerated to 3.3% annual growth in Q2 2026, outpacing the euro area and EU, with GDP up 0.8% quarter-on-quarter. Property Market: New-home sales slid sharply in Q2, with new-build apartments and houses down 42.2% by volume and value down 46.6%, though demand appears to have shifted toward lower- and mid-priced homes. Tourism & Travel: Cyprus’ tourism picture is mixed: Paphos airport passenger traffic rebounded, while hotel operators warn of revenue pressure despite August demand; separately, Iran-war-linked weakness is reported to be pushing down Turkey’s coastal hotel prices. Energy & Infrastructure: Cyprus’ first utility battery project has entered commercial operation, and the Cyprus–Israel power link is moving through the next investment stages. Finance & Banking: Citizens Bank PLC partnered with Cyprus-based Nec Pay to expand inward remittances from Europe, supporting Bangladeshi expatriate flows. EU Rules Impact: The EU’s biometric Entry/Exit System is driving long border queues and holiday plan changes, adding pressure to travel demand across Europe. Environment & Food: Cyprus is turning invasive lionfish into food as Mediterranean seas warm and non-native species spread faster. Regional Diplomacy: Egypt and Cyprus’ foreign ministers highlighted momentum in economic, investment, energy and tourism cooperation, including faster implementation on Egyptian worker employment in Cyprus.
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