Nicosia, Cyprus. Cyprus shipping contributed around 7 per cent of GDP, or approximately €1.9 billion, in 2025, according to the Cyprus Shipping Chamber’s annual report. Separately, retail fuel prices were expected to decline further, while a London event highlighted the role of the Cypriot diaspora in business and economic development.
Shipping sector contribution
According to the Cyprus Shipping Chamber, the shipping sector further strengthened its position as one of the island’s most important economic sectors in 2025.
The report said the sector operates without direct state investment and continued to support the wider economy while reinforcing the international standing of the Cyprus flag, which remains recognised for its reliability and prestige.
Cyprus maintained the fifth largest merchant fleet in Europe and the fourteenth largest worldwide, while controlling more than 4 per cent of the global fleet.
The country also remained one of the world’s leading shipmanagement centres, with Cyprus-based companies carrying out more than 20 per cent of global third-party shipmanagement activity.
London event on diaspora and entrepreneurship
At a special event organised by the Cyprus Forum London at the Cyprus High Commission in London, British Cypriot entrepreneurs Theo Paphitis and Touker Suleyman shared their experiences and views on entrepreneurship, artificial intelligence and the role of the diaspora.
The event aimed to highlight the contribution of the Cypriot diaspora to British society and its role in supporting the country’s economic development.
The discussion also addressed the challenges facing modern businesses, the impact of artificial intelligence, support for young entrepreneurs and the future of relations between Cyprus and the United Kingdom.
Both businessmen reflected on their families’ arrival in Britain and the opportunities they found despite the difficulties of adapting to a new country.
Fuel prices
Retail fuel prices in Cyprus were expected to fall further in the coming days, following a series of reductions over the past month, according to Consumer Protection Service director Constantinos Karagiorgis.
Karagiorgis told the Cyprus News Agency that retail prices had been moving downwards over the past month, with diesel falling by an average of 13.5 cents per litre and unleaded 95 petrol by 2.4 cents per litre.