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Economy

€73 m deficit in January – April 2020 as Covid-crisis takes toll

    The Cyprus General Government generated a deficit of €73 million or 0.4% for the period of January – April 2020, reflecting the adverse consequences...

GDP growth rate at 0.8% in Q1 2020, CyStat estimates

    GDP growth rate in Cyprus based on seasonally and working day adjusted data in real terms in the first quarter of this year is...

Cyprus deposits down, loans rise in April

  Deposits were down while loans were up in April 2020 according to data the Central Bank of Cyprus published on Friday. In particular, according to...

Cyprus to experience “serious recession” in 2020, Central Bank Governor says

  Central Bank of Cyprus Governor Constantinos Herodotou, has said that he expects the country’s economy to experience a “serious recession” in 2020 due to...

NPLs in the Cyprus banking system decline below €9 billion

Non-performing loans (NPLs) in the Cypriot banking system declined to €8.97 billion in the end of 2019, with the NPL rate amounting to 27.9%...

‘Fiscal package in line with EU framework and government’s capacity’ government says

The new financial stimulus package to be unveiled on Wednesday in response to the impact of the pandemic on the economy, is in line...

BoC: Covid-19 presents an “unprecedented external economic shock”

  The coronavirus outbreak is first and foremost a health crisis, presenting an unprecedented external economic shock, Bank of Cyprus’ Chief Executive Officer Panicos Nicolaou...

Suspended credit facilities in Cyprus rise to €1.19 billion on May

Suspended credit facilities at the request of borrowers on May 8 amounted to €1.19 billion from €894 million on April 24, according to data...

Government discuss measures and incentives to reboot economy

  The government discussed measures and incentives to reboot the economy with the Economy and Competitiveness Council at the Presidential Palace, as restrictive measures to...

Revenue from tourism down by 73.5% in March

Revenue from tourism dropped by 73.5% in March 2020, according to the results of the Passenger Survey announced by the Statistical Service of Cyprus. As...

EU: Cyprus retains capacity to service ESM debt, challenges have increased

The European Commission has concluded that "Cyprus retains the capacity to service its ESM debt, but challenges have increased as a result of Covid-19". It...

Tourist arrival survey was not conducted in April 2020

FILE PHOTO Cyprus' Statistical Service announced on Monday that it will not be publishing its Passengers Survey for April 2020 due to the flight ban...

DBRS confirms Republic of Cyprus at BBB (low), trend changed to stable

DBRS Ratings confirmed the Republic of Cyprus’s Long-Term Foreign and Local Currency – Issuer Ratings at BBB (low) and changed the trend to Stable...

Eurostat: Cyprus economy shrinks annual 1.3% in 1Q 2020

The seasonally adjusted GDP decreased by 3.8% in the euro area, by 3.3% in the EU and by 1.3% in Cyprus during the first...

Deferred instalments of €894 m as part of loan payment moratorium

  Deferred payments for loans suspended as part of a debt moratorium decreed issued by Finance Ministry to mitigate the impact of the Covid-19 impact...

Unemployment rate of 7.3% in 1Q 2020

According to the results of the Labour Force Survey (LFS), the labour force in the first quarter of 2020 amounted to 449,861 persons or...

EBRD: Cyprus’ GDP to fall by 6.0% in 2020, rebound 5.0% in 2021

Economies across the EBRD regions may contract on average by 3.5% this year, with a rebound of 4.8% possible in 2021, according to an...

The market needs oxygen, citizens expect consensus, FinMin tells CNA

The market needs oxygen, while the least citizens expect from politicians is to reach a consensus in order to support the economy in line...

39,4% annual drop on exported goods in first 2 months of 2020-Statistical Service

FILE PHOTO-Limassol port The Statistical Service of Cyprus published on Monday its monthly electronic report “Intra & Extra EU Trade Statistics (Summarised Data)” for February...

UCy: Cyprus GDP to suffer “severe contraction” in 2020

The University of Cyprus’ Economics Research Centre has projected that the country’s GDP is set to drop by 6.9% in 2020 under a baseline...

Parliamentary Committee to discuss new government support package

The Parliamentary Committee of Finance convenes Monday via teleconference to discuss a new government package to mitigate the economic impact to the real economy,...

Top Stories

Trump says protesters would have met ‘vicious dogs’ if White House fence breached

U.S. President Donald Trump on Saturday said demonstrators protesting the death of a black man who died after a white police officer knelt on...

Paphos: Police publish photos of stolen valuables

  Police have found jewellery, watches and other valuables in the possession of a 22 year old and a 15 year old who are under...

Protests flare around the United States over Minneapolis killing

Violent protests flared overnight in several U.S. cities as demonstrators vented their anger over the killing of George Floyd, a black man who died...

Just one new Covid-19 case on Saturday; total at 943

  One person has tested positive for coronavirus from a total of 2061 tests, the Health Ministry said on Saturday, bringing the total since the...

Paphos: 10 hotels to reopen in June

  Ten of the 57 hotels in the Paphos district are expected to reopen in June, the president of the Paphos branch of the Cyprus...

Taste

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...