Cyprus Minister of Finance addresses economic outlook at 16th Nicosia Economic Congress

At the 16th Nicosia Economic Congress, Minister of Finance Makis Keravnos discussed the impact of geopolitical conflicts in Iran on the Cypriot economy. He noted that the duration and intensity of the conflict could affect tourism, transport, and energy costs. The government has already allocated approximately 200 million euros in measures to mitigate these effects. Despite current global uncertainty, Keravnos reported a 3.8% growth rate for the Cypriot economy in 2025. Public debt is projected to fall to around 50% of GDP by the end of the year. The government's strategy focuses on fiscal discipline, digital transformation, green energy transition, and attracting high-quality foreign investments. The Minister emphasized that these efforts aim to ensure social cohesion, support vulnerable households, and maintain full employment conditions.