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Economy

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...

Spike in Cyprus’ debt due to Covid-19 transitory, Moody’s says

    Moody's anticipates the spike in Cyprus public debt will be transitory and will return to a sustained downward path after the coronavirus crisis wanes,...

Cyprus’ current account further deteriorates in Q1 2020

  The current account of Cyprus recorded a significant deterioration in the first quarter of 2020, while the international investment position of Cyprus marked a...

Suspended installments at request of borrowers at € 1.31 b in June

    The total amount of suspended installments at the request of borrowers rose to €1.31 billion on June 5 2020, from €1.26 billion on May...

Greek, Cypriot finance ministers upbeat as economies emerge from lockdown

  The Finance Ministers of Cyprus and Greece Constantinos Petrides and Christos Staikouras have sent positive signals over the two economies’ prospects following a successful...

Euro area annual inflation up to 0.3% in June, at -2.5 in Cyprus

In June 2020, a month in which many COVID-19 containment measures have been gradually lifted, Euro area annual inflation is expected to be 0.3%,...

Monthly earnings of Cyprus employees up by 3.3% in Q1 2020

Monthly earnings of employees in Cyprus were up by 3.3% in the first quarter of this year on an annual basis, provisional data released...

Economic Sentiment and Employment Indicators in June regain 30% of crisis losses, rises to 79.7 in Cyprus

In June 2020, the recovery of the Economic Sentiment Indicator (ESI), which had tentatively started in May, intensified, according to  data released today by...

Hellenic Bank posts net loss of €2.2 million following increased provisions due to Covid-19

The Hellenic Bank posted €2.2 million loss after tax for the first quarter of 2020, with the bank affected negatively by increased provisions due...

Deposits decline for fifth consecutive month in May

Deposits in the Cyprus banking system marked a net reduction for a fifth consecutive month in May with total deposits amounting to €47.8 billion. Data...

Economic climate in Cyprus improves following a two-month significant drop due to Covid-19

Economic sentiment in Cyprus marked a 2.3 point increase in June following significant reductions in the last two months, affected by the lockdown measures...

Commission approves Cyprus’ €280 mil schemes to support companies and self-employed affected by pandemic

The European Commission approved under the State aid Temporary Framework two Cypriot schemes providing direct grants and subsidised interest rates to companies and self-employed workers...

Retail trade down 30.2% during April’s lockdown

Retail trade reduced significantly in April 2020, the second month during which COVID-19 containment measures continued to apply in Cyprus. On the basis of provisional...

Largest share of govt debt held by non-residents recorded in Cyprus

    The share of government debt held by the resident financial corporations sector at the end of 2019 was highest in Denmark (74%), followed by...

NPEs in the Cyprus banking system record slight increase in January

  Non-performing exposures (NPEs) recorded a slight increase in January over the previous month, attributed to the end-of year capitalised interest. According to data released by...

Hourly labour costs up 4.4% in Cyprus in 1Q 2020

  Hourly labour costs rose by 3.4% in the euro area, by 3.7% in the EU, by 4.4% in Cyprus and 1.5% in Greece in...

Residential Property Price Index loses steam due to declining foreign demand

  The Cyprus Residential Property Price Index (RPPI) continued its upward trend albeit with a declining pace, affected by the reduced demand from foreign investors...

Sachs: Good leadership important to overcome crises such as pandemic

  By Evie Mitsidou Phillips (CNA) Good leadership is important to overcome crises such as the COVID-19 pandemic, renowned economist, Director of the Center for Sustainable...

FinMin briefs Eurogroup teleconference of country’s economic projections

  Finance Minister Constantinos Petrides has briefed his eurozone counterparts during a Eurogroup teleconference of the government's projections for the country's economy in the coming...

Government employment decreases slightly in May due to casual staff in education

Government employment in May 2020 decreased both on an annual basis and in relation to April 2020, according to a report by the Statistical...

Top Stories

Health minister hails responsible behavior after English pubs reopen

  People in England appear to have broadly behaved themselves as pubs reopened this weekend, Britain’s health minister Matt Hancock said after the latest step...

Eight arrivals in Paphos from Israel and European destinations

  Eight flights were expected today at Paphos International Airport arriving from Berlin, Thessaloniki, Kiev, Krakow, Bergamo, Liverpool, Katowice and Tel Aviv. According to Hermes Airports,...

Heatwave to march on tomorrow, a high of 42

  Cyprus is set for another scorcher tomorrow, as the over 40 temperatures spill over to next week and the hot dry conditions are not...

Trump repeats vow to defeat ‘radical left’, 99% of COVID cases harmless

  U.S. President Donald Trump vowed to defeat the “radical left,” in an Independence Day speech at the White House that condemned recent protests against...

Rapper Kanye West, the Kardashian husband, announces U.S. presidential bid

  American rapper Kanye West, a vocal supporter of U.S. President Donald Trump, announced  that he would run for president in 2020 in an apparent...

Taste

Cyprus sprouts with cream and prosciutto

In a big, deep frying pan, fry the prosciutto in the olive oil, on medium heat for 2 minutes. Add the onion and garlic...

Pork burger with sundried tomatoes, mozzarella and anchovies

Mix all the ingredients together with the mince in a bowl, and combine well. Divide into 4 balls and form the burgers. Warm a griddle/pan...

Sheftalies

Wash the lamb cauls with plenty of cold water and let them settle in water and vinegar for a little while. Soak the bread crumbs...

Loukaniko Pitsilias – Pitsilia Sausage

Pitsilia sausage is produced in the Pitsilia region from pork minced meat that is “cooked” ( matured) in the dry red wine of the...