Home Insider Economy

Economy

Building permits in Cyprus record drop in first five months of 2020

Building permits issued in the first five months of this year in Cyprus recorded a drop compared with the same period of last year,...

Total government employment up in July due to temporary staff increase

Total government employment was up in July this year on an annual and a monthly basis mainly due an increase in temporary staff in...

Arrivals in Cyprus drop by 96.7%, down by 75.4% in first 2020 quarter

The number of people arriving in Cyprus fell by 96.7% this June compared to June 2019 and by 75.4% during the first six months...

Imports of goods and exports of domestically produced products decline in May

Total imports of goods from EU Member States and third countries to Cyprus amounted to €466.2 million in May 2020 as compared to €726.8...

Bad loans in Cyprus down by €43 million in the first quarter of 2020

Cyprus recorded a further decrease of €43 million or 0.5% in aggregate Non Performing Loans (NPLs) at the end of March 2020 compared with...

Moody’s: Bank of Cyprus’ sale of nonperforming exposures credit positive, asset quality remains a challenge

Bank of Cyprus’ latest sale of non performing exposures is credit positive, Moody’s rating agency says while pointing that weak asset quality remains the...

Unemployed people in Cyprus record monthly drop, annual increase this July

Unemployed people registered at the District Labour Offices on the last day of July 2020, reached 32,313 persons, according to a press release issued...

Industrial producer prices up by 0.7% in Euro area and 0.4% in Cyprus in June 2020

In June 2020, the fourth month during which Covid-19 containment measures are being applied in most Member States, industrial producer prices rose, compared with...

Ministry announces conclusion of international tender for Larnaca port and marina development

The Cyprus Ministry of Transport, Communications and Works announced on Monday the successful conclusion of the international tender for the development of the port...

Nicosia reservedly optimistic for a deal with Russia on double taxation agreement

Nicosia expresses reserved optimism for a deal on the issue of the treaty between Cyprus and Russia for the avoidance of double taxation. Replying to...

Economic sentiment in Cyprus improves in July

Economic sentiment in Cyprus improved in July driven by improved confidence in services and consumers, the University of Cyprus’ Economics Research Centre says in...

Bad loans in Cyprus drop slightly at end of February, remaining stable at 27.9% of total loans

A small decrease of €4 million was recorded in total non-performing loans (NPLs) at the end of February 2020, compared to the end of...

Chevron and Noble Energy reconfirm their interest in East Med, Cyprus Energy Minister says

Oil & gas companies Chevron and Noble Energy have confirmed their interest in the Eastern Mediterranean and that their strategic plan has not changed...

Tourist arrivals in Cyprus drop by 98.2% annually in June

Tourist arrivals recorded a sharp drop of 98.2% on an annual basis this June, due to the coronavirus pandemic, data released by the Cyprus...

Q1 house prices up annual 5.0% in euro area, 1.1% in Cyprus

    House prices, as measured by the House Price Index, rose by 5.0% in the euro area in the first quarter of 2020 compared with...

Cyprus raises €1b through reopening of bonds maturing in 2024 and 2040

    The Republic of Cyprus raised on Tuesday €1 billion in a double -European bond issue through the reopening of existing bonds maturing on 3...

Cyprus to tap capital markets, reopening existing 2024, 2040 bonds

  Cyprus announced it will tap two existing bonds maturing in 2024 and 2040 for a minimum amount of €500 million, in a bid to...

Moody’s: Payment holidays shield banks in 2020, deterioration very likely in 2021

    The high level of loan payment holiday in Cyprus may shield the banks in 2020 but suggests that asset quality deterioration is “still very...

EU current account surplus of €59.9 bn in Q1 2020, €0.9 bn deficit in Cyprus

EU seasonally adjusted current account of the balance of payments recorded a surplus of €59.9 billion (1.8% of GDP) in the 1st quarter of...

Household saving rate all time high at 16.9% in the euro area

The household saving rate in the euro area increased to 16.9% in the first quarter of 2020, from 12.7% in the fourth quarter of...

Inflation plunged by an annual 2% in June affected by Covid-19

Inflation in Cyprus plunged by an annual 2% in June, marking the highest yearly drop since July 2015, as prices continue to decline affected...

Top Stories

Fourteen new corona virus cases detected out of 3,775 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 14 new cases of the SARS-CoV-II virus were detected out of a total...

Iraq’s port of Umm Qasr takes precautionary measures after deadly Beirut blast

Following the deadly blast at Beirut's port last week, Iraq is moving to secure its own main port of Umm Qasr from any potential...

Concerns over preserving Lebanon’s cultural heritage

Many historical buildings in Beirut were badly damaged in last week's devastating explosion. Experts worry that much of Lebanon's rich cultural heritage will be lost...

Yellow alert for extremely high temperatures on Thursday

Mainly fine weather on Thursday with yet another yellow alert for extremely high temperatures in effect from 13:00 to 17:00. Temperatures are expected to rise...

Turkey accuses Greece of violating “Turkish” minority rights in Thrace

Turkey has said that minority schools are being closed down under the pretext of the Covid-19 pandemic. The Turkish Foreign Ministry released a statement on...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...