Cyprus economic indicator rose by 0.02% in August — Cyprus Mail
Cyprus’s short-term economic outlook returned to marginal growth in August 2026: the University of Cyprus Composite Leading Economic Index increased by 0.02% year-on-year. The positive movement following declines in previous months was recorded based on revised data, Cyprus Mail reports.
The improvement in the index was supported by domestic indicators, including the number of property sale contracts, Cypriots’ credit card transactions, retail trade volumes, and temperature-adjusted electricity generation. At the same time, external factors continued to weigh on the economy: Brent oil prices were substantially higher than a year earlier, while tourist arrivals declined year-on-year.
Tourism and renewable energy
Tourist arrivals in Cyprus from January to August totalled 2.82 million visitors, 7% fewer than in the same period of 2025. The decline in the French market was particularly noticeable: arrivals from France fell by 46% in August, to 8,453 people from 15,663 a year earlier. Deputy Minister of Tourism Kostas Koumis said Cyprus expects a larger flow of French tourists in 2027 due to increased air connections between the countries.
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According to Eurostat, renewable sources accounted for 54.1% of electricity in the European Union in the second quarter of 2026. Solar power was the largest source of renewable electricity in the EU, accounting for 41.6% of its production. Cyprus was among EU countries with the lowest shares of electricity generation from renewable sources.
Technology sector cooperation
The Cyprus Employers and Industrialists Federation and the non-profit association TechIsland signed a memorandum of cooperation in technology, innovation and entrepreneurship. The organisations plan to prepare joint initiatives and proposals on regulatory and tax rules, physical and digital infrastructure, as well as conditions for attracting and retaining investment, companies and qualified specialists.
