Cyprus posts €1.24 billion budget surplus in 2025 as Columbia Group names new CEO

Nicosia, Cyprus. Cyprus recorded a €1.24 billion budget surplus in 2025, according to preliminary fiscal results released by the Cyprus Statistical Service. Separately, Columbia Group announced a chief executive change, and WISTA Cyprus opened nominations for 2026 shipping inclusion awards.

Budget surplus and debt levels

Preliminary fiscal results released on Wednesday by the Cyprus Statistical Service (Cystat) showed a budget surplus of €1.24 billion in 2025. Audited and verified under the European Commission’s Excessive Deficit Procedure framework, the surplus corresponded to 3.4 per cent of GDP, while public debt stood at €20.08 billion, equivalent to 55 per cent of GDP.

Government revenue and tax trends

Cystat reported total government revenue in 2025 increased by €1.17 billion, or 7.9 per cent, reaching €15.92 billion compared with €14.75 billion in 2024.

Revenue from taxes on production and imports rose by €62.0 million, or 1.3 per cent, to €4.74 billion, while net VAT revenue declined by €16.0 million, or 0.5 per cent, to €3.15 billion.

Social contributions increased by €385.4 million, or 8.5 per cent, reaching €4.91 billion.

Columbia Group leadership changes

Columbia Group appointed Andreas Hadjipetrou as chief executive officer, replacing Mark O’Neil, who is stepping down on what the company described as “extremely good terms” under its succession plan.

Demetris Chrysostomou, the group’s chief executive officer for Asia, was named deputy chief executive officer, in a move aimed at strengthening Columbia’s leadership and regional presence.

O’Neil said his role at Columbia had been to deliver transformational change and that this task had now been completed. “My job at Columbia was to bring about transformational change and that task has now been completed. It is time to hand over the reins and to seek fresh challenges. I know I leave Columbia in very safe hands and in a very good shape,” he said.

WISTA Cyprus awards nominations

WISTA Cyprus launched the 2026 Diversity and Inclusion in Shipping Awards, with nominations now open for initiatives promoting equality and inclusion across the maritime sector.

Which of these developments do you expect to have the greatest impact in Cyprus in 2026?