The President of the Republic, Nikos Christodoulides, expressed his satisfaction with the latest upgrade of the Cypriot economy.
He noted Standard & Poor’s report that the government continues to reduce public debt, emphasizing that public revenues stemming from a resilient economy and a strong labor market significantly support fiscal surpluses.
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SEE ALSO: Cyprus Rated “A”: New Upgrade for the Cypriot Economy from S&P
It also notes that net public debt is projected to decline to 31% of GDP by 2029, down from 97% in 2020 —and that budget surpluses are expected to remain above 3% during the same period.
“For the first time since 2011, Cyprus is returning to the ‘A’ rating. This is undoubtedly a strong vote of confidence in our economy, its resilience, and its prospects. A strong vote of confidence in our economic responsibility.”
Today, our country marks yet another significant economic milestone.
Standard & Poor’s has upgraded the credit rating of the Republic of Cyprus from “A-” to “A,” while maintaining a positive outlook.
AdvertisementFor the first time since 2011, Cyprus returns to the… pic.twitter.com/KRPq9qLZNA
— NikosChristodoulides (@Christodulides) September 19, 2026
The Cypriot economy is on a strong growth trajectory, the President said in Athens
President of the Republic Nikos Christodoulides referred to the strong growth trajectory of the Cypriot economy and the continued strengthening of the Cypriot shipping industry, emphasizing that Cyprus is now rated in Category A by all international rating agencies, while public debt has fallen below 48% of GDP.
At the same time, as he noted, the total capacity of the Cypriot fleet has reached its highest level in the last 25 years, confirming the momentum of the Cypriot shipping industry and its importance to the country’s economy.
The President of the Cyprus Shipowners’ Association, Polys Hatzioannou, expressed the Association’s gratitude to the President of the Republic for his support of the Cypriot shipping industry, as well as its appreciation for the work of the Deputy Minister of Shipping and the officials of the Deputy Ministry, who, as he noted, contribute to the consistent and effective support of the sector.
Speaking on the evening of the event in Athens, at a dinner hosted in his honor by the Union of Cypriot Shipowners, in the presence of the President of the Hellenic Republic, Konstantinos Tasoulas, President Christodoulides emphasized that these results reflect the resilience, stability, and international credibility that the Cypriot economy has achieved.
“Through our responsible economic policy, we have achieved one of the highest growth rates in the European Union, with 3.3% growth in the first half of 2026, while unemployment has fallen to 3.6%, the lowest level since 2008,” said the President of the Republic.
He made special mention of the shipping industry’s contribution to the country’s positive economic trajectory, noting that, beyond fiscal responsibility, the sector constitutes a key pillar of the Cypriot economy.
“For our government, the Cyprus Shipowners’ Association is, in practice, one of our most important partners and allies,” he said.
The President of the Republic also noted that the Cypriot ship registry has recorded growth exceeding 27%, emphasizing that the Government is working consistently to further strengthen the resilience, competitiveness, and international presence of the Cypriot shipping industry.
At the same time, he referred to Cyprus’s re-election to the Council of the International Maritime Organization, describing it as confirmation of the international recognition of the country’s role and credibility in the shipping sector.
President Christodoulides also emphasized that Cyprus, in coordination with Greece and other European Union member states, is working to enhance maritime safety, as well as to address the contemporary challenges facing the industry, such as decarbonization, digitalization, and technological modernization.
At the same time, he highlighted the importance of multilateral cooperation with shipping nations, as well as further strengthening maritime relations with the countries of the Arabian Gulf.
He made special mention of the Nicosia Declaration, which was adopted during Cyprus’s Presidency of the Council of the European Union and stipulates that member states will place special emphasis on the workforce in shipping sector.
The President of the Republic also referred the excellent cooperation between Cyprus and Greece, aimed at jointly addressing challenges and further enhancing the benefits that shipping brings to both countries.
In closing, he made special mention of the long-standing contribution of the Cyprus Shipowners’ Association to the development and strengthening of the Cypriot shipping industry and congratulated the President and the members of the Executive Committee on the work they are doing for the benefit of the industry.
For his part, the President of the Hellenic Republic, Konstantinos Tasoulas, emphasized that Cyprus has every reason to be proud of the position it has achieved on the global shipping map, noting that this is not only an economic achievement but also a sign of international influence.
Referring to the significant presence of Greece and Cyprus in international shipping, he noted that the two countries “have a shared interest and a shared responsibility to actively contribute to the protection of freedom of navigation, the safety of seafarers, and the unimpeded operation of global supply chains.”
He also emphasized the importance of Greece and Cyprus speaking with a strong and coordinated voice on issues concerning international shipping.
Regarding the Cyprus issue, Mr. Tasoulas noted that Greece, in full coordination with the Republic of Cyprus, is contributing constructively to the ongoing consultations, with the aim of ensuring the success of the next informal expanded meeting.
At the same time, he stressed that attempts to create facts on the ground, as well as discussions regarding “two-state solution” scenarios, are unacceptable.
In conclusion, the President of the Hellenic Republic emphasized that Cyprus and Greece share a common maritime tradition, common challenges, and significant shared interests, noting that the voice of the two major shipping nations of the Eastern Mediterranean can be substantial and useful.
In welcoming the attendees, the President of the Cyprus Shipowners’ Association noted that Cyprus is the largest ship management center in Europe and one of the three largest in the world.
At the same time, he addressed the current challenges facing the shipping industry, highlighting the practices adopted by major shipping nations outside Europe.
He also emphasized that Europe cannot afford to allow its shipping power to weaken, stressing that Europe’s strategic autonomy is directly linked to the fleets of Cyprus and Greece.
“Without a strong European shipping industry, autonomy cannot exist,” he stated emphatically.
Mr. Hatzioannou finally, made special mention of the long-standing ties between Cyprus and Greece, noting that the first to place their trust in the Cypriot flag were Greek shipowners, who continue to support it to this day.
“History teaches us that nations that recognize the strategic importance of shipping move forward,” he concluded.
The event was attended by, among others, Foreign Minister Konstantinos Kompos, Government Spokesperson Konstantinos Letympiotis, Deputy Minister of Shipping Marina Hatzimanoli, Deputy Prime Minister of Greece Kostis Hatzidakis, European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas, the Ambassador of the Republic of Cyprus to Greece, Stavros Avgoustides, as well as other officials.
From Athens, President Christodoulides will depart today for New York, where he will participate in the proceedings of the 81st session of the United Nations General Assembly.
