Interior Minister Constantinos Ioannou has defended the government’s business-friendly approach to housing and development, saying the private sector is better placed than the state to deliver projects quickly and efficiently.

Speaking during a discussion with young business people in the land development and construction sectors, held as part of the Gen Z & Millennial Project, Ioannou said the government’s position was clear.

“As far as business is concerned, our political direction and our ideology are certainly to help business, in contrast to other ideological spaces,” he said.

He pointed to recent party proposals for wealth taxation and restrictions on property purchases by third-country nationals, saying the government instead sees entrepreneurship as a driver of growth, employment and wider economic activity.

The Cyprus general government recorded a fiscal surplus of €593.4 million during January-April 2026, according to preliminary data released on Friday by the Cyprus Statistical Service (Cystat).

The surplus corresponded to 1.5 per cent of GDP, compared with a surplus of €614m, or 1.7 per cent of GDP, during the same period of 2025.

Total revenue increased by €194.4m, 4 per cent, reaching €4.99 billion, up from €4.80bn in January-April 2025.

The statistical service reported that revenue from taxes on income and wealth rose by €121m, 10.3 per cent, amounting to €1.29bn, compared with €1.17bn a year earlier.

Paphos hotels are expected to see occupancy rates exceed 90 per cent during the Kataklysmos holiday weekend, as strong demand from Cypriot visitors gives the sector a welcome, if short-lived, boost.

Paphos Hoteliers Association president Evripides Loizides told Cyprus News Agency (CNA) that the picture for the three-day break was particularly positive, with most hotels already operating at very high occupancy levels.

He said demand for the period is expected to rise above 90 per cent, confirming Paphos’ position as one of Cyprus’ most popular destinations for short breaks.

However, Loizides cautioned that the improvement would not be enough to offset the wider weakness seen so far this season.

“This is essentially two overnight stays in an entire month. Kataklysmos is not enough to cover the losses,” he said, noting that May had recorded a significant fall compared with last year.

The EU’s Competitiveness Council this week adopted conclusions on sustainable and competitive tourism, in what Deputy Tourism Minister Kostas Koumis described as a key achievement of the Cyprus Presidency of the Council of the EU.

The conclusions, titled ‘Building a sustainable and competitive tourism for the future’, were approved in Brussels under Koumis’ chairmanship and are expected to feed into the European Commission’s first strategy for sustainable tourism, which is due to be presented later this year.

The Deputy Ministry of Tourism said the adoption of the conclusions was “one of the emblematic legacies of the Cyprus Presidency of the Council of the European Union and the result of its own initiative”.

“Tourism is a key driver of growth, employment and cultural exchanges across the EU. Today’s conclusions chart a clear path towards ensuring the long-term resilience and competitiveness of the sector in a rapidly changing environment,” Koumis said after the adoption.

Christos Tsanos has been re-elected president of the Limassol district branch of the Cyprus Hoteliers Association (Pasyxe), as the city’s hotel industry looks to maintain stability in a period shaped by competition, rising expectations and wider international uncertainty.

The elections for the new board of directors were held in Limassol this week, with Tsanos securing a renewed mandate to lead the association through what hoteliers describe as a demanding period for the tourism sector, both locally and abroad.

The new board is made up of Zenon Christophorou as deputy president, Nikos Thrasyvoulou as first vice president, Nikos Vladimirou as second vice president, Nikos Katsounotos as secretary and Neophytos Efstathiou as treasurer.

Eva Kapetaniou was also elected as a member of the board.

A major economic summit focusing on the trajectory and contribution of the professional services sector will convene in Nicosia on June 4, 2026.

The high-level gathering, officially titled the Fourth Professional Services and Economy Conference, will take place from 10:00 a.m. until 2:00 p.m. at the Royal Hall in the capital city.

Delegates will focus heavily on how the domestic knowledge economy serves as a primary driver of national economic development.

The event features a distinguished panel of speakers representing the Ministry of Finance, the Cyprus Chamber of Commerce and Industry, and the Cyprus Employers and Industrialists Federation.

Posidonia 2026 is set to highlight the global reach of Greek shipping, with this year’s exhibition expected to attract more than 2,200 exhibitors from 80 countries, even as geopolitical tensions continue to weigh on international trade and maritime activity.

The event, which will take place from June 1 to 5 at the Metropolitan Expo in Athens, is also expected to feature 24 national pavilions, confirming its role as one of the shipping industry’s leading international gatherings.

Speaking during the press conference for the exhibition, Posidonia Exhibitions managing director Theodoros Vokos said the event’s economic footprint in Greece continues to grow, both through the longer stay of international visitors and through the agreements and business contacts made during the exhibition.

This year’s participation, he said, is reaching new historic levels, with strong representation from major European maritime powers, including Germany and Italy.

Cyprus recorded a clear improvement in its labour market during the first quarter of 2026, with the unemployment rate falling to 4 per cent compared to 5 per cent in the same period last year.

According to the results, published by the Cyprus Statistical Service (Cystat), the number of unemployed people declined to 21,246 persons.

This compares with 26,161 unemployed persons in the first quarter of 2025, pointing to a notable easing in joblessness across the country.

The decrease was recorded among both men and women, with the unemployment rate standing at 4 per cent for both genders.

At the same time, employment continued to rise, with the number of employed persons reaching 510,265.