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Economy

General Government’s deficit at €277.4 m in Q4 2019

The General Government's deficit increased by €104.4 million in the fourth quarter of 2019 on an annual basis, the Cyprus Statistical Service announced on...

Revenue from tourism down 5.5% in February

Revenue from tourism reached €49.5 m in February 2020 compared to €52.4 m in the corresponding month of the previous year, recording a decrease...

Deposits in the banking system decline by €452min March

Deposits in the Cypriot banking system declined by €452.4 million in March amid the coronavirus pandemic, according to data released by the Central Bank...

Economic Sentiment Indicator slumps 21.9 points

In April 2020, economic sentiment in Cyprus deteriorated further as the Economic Sentiment Indicator (ESI-CypERC) of the University of Cyprus decreased by 21.9 points...

CSC Director urges government, political parties to approve state guarantees

Thomas Kazakos, General Director of the Cyprus Shipping Chamber, urged the government and political parties to conclude deliberations on a scheme to provide government...

Cyprus among EU countries facing greatest external sector risk, says Scope Ratings

Cyprus is in the top three European countries facing the greatest external sector risk, according to Scope Ratings’ updated external vulnerability and resilience ranking....

Cyprus: Fiscal surplus of 1.7%, fiscal debt of 95.5% of GDP in 2019

Cyprus had a fiscal surplus of 1.7% of GDP and fiscal debt of 95.5% of GDP in 2019, preliminary data released by the Cyprus...

Cyprus exceeded EU’s national employment goals in 2019

In 2019 the employment rate of people aged 20 to 64 in the European Union of 27 Member States (EU) stood at 73.1%, up...

March tourism arrivals plunge as lockdown comes into force

Tourism arrivals in March plunged 67.4% following an entry ban on passenger flights imposed on March 15 to contain the spread of coronavirus. Citing the...

Fears of wave of redundancies

There are fears of a wave of redundancies which will put a strain on the Redundancy Fund in a repeat of the crisis of...

Cyprus raises €1.25b from 52-week treasury bills

The Republic of Cyprus raised € 1.25 billion Wednesday from the issue of 52-week treasury bills through private placement, with an annual yield of...

Cyprus posts fourth highest liquidity ratio in the EU in end-2019

The Cypriot banking system posted the fourth highest liquidity coverage ratio in the EU at the end of 2019, according to the latest data...

Primary aim to safeguard smooth functioning of market (opinion)

By Demetra Kalogerou* The Coronavirus (COVID-19) pandemic has led to an unprecedented economic and societal crisis, creating conditions of uncertainty. In these completely new circumstances...

Banks fear the uncertainty

Uncertainty over how big an impact the coronavirus pandemic will have on the economy has not only upset banks' plans, they are unable to...

IMF:Cyprus economy to shrink by 6.5% in 2020 amid coronavirus pandemic

The Cyprus economy will shrink by 6.5% of GDP in 2020, amid the coronavirus pandemic followed by a sharp but not equal recovery in...

Up to €5b in extra financing needs in extreme scenario

The coronavirus pandemic has eroded the resilience of state finances, which is why the Finance Ministry is working to raise extra cash. Phileleftheros reports that...

Government employment by category: March 2020

In March 2020 total government employment increased by 616 persons (1.2%) in comparison to the corresponding month of 2019 and reached 5.712 persons, Cystat...

Resources ‘not unlimited’ minister warns, state support €1.32b

Finance Minister Constantinos Petrides on Monday called for unity to help Cyprus address the financial crisis resulting from the coronavirus pandemic. "The situation is difficult....

State looks for alternative ways to boost tax revenue

The Ministry of Finance has withdrawn a recent decree on VAT returns from certain categories of taxpayers due to the pressure on public finances...

Cyprus all set to counter coronavirus-sparked economic crisis

Cyprus has already introduced three packages of measures aiming to counter the coronavirus-sparked economic consequences on businesses and employees, Phileleftheros reports. The first package came...

CBC releases an additional €90 ml of capital as part of COVID-19 response

The Central Bank of Cyprus announced on Friday that it released an additional capital amounting to €90 million, as part of its response to...

Top Stories

Repatriates make 7 out of 8 new coronavirus cases reported today

Repatriates made 7 out of eight new coronavirus cases reported today by the health ministry out of a total of 1953 tests, raising the number...

It’s merciless-Major blaze near the Panayia Evangelistria chapel in Xylofagou

  It's been a very difficult day for the fire and forestry departments as more than a dozen fires broke out all over Cyprus. A major...

Second fire at Diorios-Kapouti area in north-6th front today

  A second fire has broken out in the Diorios-Kapouti area in the Turkish-occupied north, a week after a massive blaze caused major destruction in...

Malta-Greece top low risk, Switzerland-Czech Republic higher risk for visitors to Cyprus

The Health Ministry announced the results of an epidemiological risk assessment, in an attempt to classify low and higher risk countries, when international airports...

Major Achna fire under control after burning farms, animals and tractors (update)

  A dramatic effort by a strong ground fire fighting force, a Russian Gamov helicopter and dozens of locals, brought a major blaze in the...

Taste

Fish meatballs

In a bowl, mix the finely chopped onion and parsley. Boil the fish, cut into small pieces and add to the bowl. Add salt...

“Frappe” Greek iced coffee

Frappé coffee (also Greek frappé or café frappé Greek: φραπές, frapés) is a Greek foam-covered iced coffee drink made from instant coffee (generally, spray-dried...

A guide of Summer fruits from Cyprus

Cyprus summer love! Cyprus summer fruits! So, what are the summer fruits which can be bought in Cyprus? Watermelon A Cypriot summer is not complete without...

Stuffed vine leaves with artichokes (Lenten)

Blanch the vine leaves in hot water. For the stuffing, finely chop the artichokes and the onions and sauté in olive oil until translucent....