Home Insider Economy

Economy

Finance Minister: No lockdown forseen in 2021 state budget

Minister of Finance Constantinos Petrides called on MPs to approve the 2021 state budget given the critical moments facing Cyprus due to the coronavirus...

Residents of Cyprus travelling abroad drop by 80.3% in September 2020

A total number of 26,111 residents of Cyprus returned from a trip abroad in September 2020, compared to 132,409 in the corresponding month last...

Tourist arrivals drop 83.4% in September 2020

he arrivals of tourists reached 87,334 in September 2020 compared to 524,707 in September 2019, recording a decrease of 83.4%. According to the Cyprus Statistical...

CBC Governor requests additional AML checks following new Al Jazeera revelations

Constantinos Herodotou, Governor of the Central Bank of Cyprus (CBC) has instructed the CBC’s anti-money laundering unit to carry out additional checks in the...

Minister: End of investment scheme has impact on economy

The abolition of the Cyprus Investment Scheme will affect the economy, but new measures are in the pipeline to boost the economy, Ministry of...

Increase of credit card use at kiosks, bakeries

Kiosks, bakeries and restaurants saw an increase in credit card transactions, according to figures published by JCC for the period until 30 September 2020. According...

Cyprus budget deficit for 2020-2023 forecasted due to coronavirus

The island's Ministry of Finance forecasts a budget deficit for the period 2020-2023 and an increase in public debt as a percentage of GDP...

House prices in Cyprus up by 5.0% in the euro area

In the second quarter of 2020 house prices, as measured by the House Price Index, rose by 5.0% in the euro area, by 5.2%...

Unemployment rate soars in September 2020

Unemployment in September 2020 increased by 81%, compared to the same month last year, according to data released on Tuesday by the Statistical Service...

Cyprus’ current account balance improves

The current account balance of Cyprus in the second quarter of 2020 recorded an improvement. At the same time, the international investment position (IIP)...

Fitch Ratings affirms Cyprus rating at `BBB-` with a Stable Outlook

Fitch Ratings has affirmed Cyprus`s Long-Term Foreign-Currency Issuer Default Rating (IDR) at `BBB-` with a Stable Outlook. In a press release Fitch says that Cyprus`s...

Euro area annual inflation is expected to be -0.3% in September 2020, -1.9% in Cyprus

Euro area annual inflation is expected to be -0.3% in September 2020, down from -0.2% in August according to a flash estimate from Eurostat,...

Employers – clients determine working time of 74% of workforce in Cyprus

In 2019, the employer, organisation or clients mainly decided on the working time of almost 118 million of the 194 million employed people aged...

Total petroleum product sales record 24.6% decrease in August this year

In August 2020, the total sales of petroleum products amounted to 94,951 tonnes, recording a decrease of 24.6% compared to August 2019. According to the...

Industrial Production Index records 5.4% decrease in July this year

The Index of Industrial Production for July 2020 reached 144.2 units (base 2015=100), recording a decrease of 5.4% compared to July 2019. According to the...

Revenue from tourism drops by 89.9% in July this year

Revenue from tourism in July 2020 reached €42.5 million compared to €422.0 million in the corresponding month of the previous year, recording a decrease...

Recovery of EU Economic Sentiment continues at slower speed

In September 2020, the recovery of the Economic Sentiment Indicator (ESI) continued, albeit at a somewhat slower speed. Registering still noticeable increases in the euro...

Economic sentiment in Cyprus deteriorated slightly this September

In September 2020, economic sentiment in Cyprus deteriorated slightly as the Economic Sentiment Indicator (ESI-CypERC) decreased by 1.0 point compared to August 2020. According to...

Retail trade in Cyprus shows signs of recovery

Retail trade in Cyprus excluding motor vehicles showed signs of recovery reflecting the increase of economic recovery following the lifting of restrictions to combat...

Deposits rise, loans continue downward path in Cyprus

Total deposits rose in the Cyprus banking sector in August with the outstanding amount reaching €47.9 billion, according to data released by the Central...

Hellenic Bank net profit €17.7 million in first half of 2020

Hellenic Bank, Cyprus' second largest lender posted a net profit of €17.7 million in the first half of 2020, amid the coronavirus pandemic, compared...

Top Stories

FM Christodoulides in self-isolation following confirmed case of close associate

  Foreign minister Nicos Christodoulides has become the fourth minister to go into covid self-isolation, following a confirmed case among his close associates. Christodoulides went into...

Concern over rise of covid hospital cases to 38, four critical-new infections over 100

  The Health Ministry today announced 113 new COVID-19 cases, out of 3,112 diagnostic tests, taking confirmed infections to 3,930. The health ministry has expressed concern...

Germany to go into circuit-break lockdown as virus cases surge

  Germany will impose an emergency month-long lockdown that includes the closure of restaurants, gyms and theatres to reverse a spike in coronavirus cases that...

1547-Highest ever number of new covid cases in Greece-deaths on the rise

  Greece recorded one thousand five hundred and forty seven new coronavirus  cases over the past 24 hours, the highest ever number since the start...

Huge 8500 euro fine for unmarked tobacco products

  A twenty nine year old was fined 8 and a half thousand euro for unmarked tobacco products that were discovered by police at his...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...