Home Insider Economy

Economy

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...

CBC measures gave economy time to tackle crisis, Governor says

  The measures implemented by the Central Bank of Cyprus (CBC), a nine-month loan repayment moratorium and a €1.4 billion capital release issued to the...

Fiscal Council urges caution with public funds

    The government should be cautious in channeling public funds until there is clarity concerning the development of the crisis caused by the coronavirus outbreak, ...

Registered unemployed in May up an annual 68.1%

The number of registered unemployed persons on the last day of May 2020 was up an annual 68.1%, attributed mainly to the hospitality sector,...

Cyprus public debt spikes to €24.5 billion due to Covid-19 crisis

  Cyprus General Government debt spiked to €24.56 billion according to official data in April, reflecting the large debt issuances by the Finance Ministry to...

Finance Minister strikes optimistic note in CNBC interview

  Finance Minister Constantinos Petrides struck an upbeat note on Wednesday, telling CNBC International he was "quite optimistic" that Cyprus would have "important tourist arrivals...

Cyprus public debt spikes to €24.5 billion due to covid-19 crisis

Cyprus General Government debt spiked to €24.56 billion according to official data in April, reflecting the large debt issuances by the Finance Ministry to...

Top Stories

Fourteen new corona virus cases detected out of 3,539 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...

Cyprus will stand by Lebanon, FM wrote in Book of Condolence

Cyprus will stand by Lebanon during these challenging times and will provide all possible aid and support in an effort to alleviate the immense...

Cyprus stands ready to offer any help that Lebanon requests, Justice Minister says

Cyprus Justice and Public Order Minister Emily Yiolitis has said that Cyprus is ready to offer any help that Lebanon requests. Yiolitis visited on Friday...

Four-member team of ‘Volunteer Doctors Cyprus’ travels to Beirut Sunday

A four-member team of "Volunteer Doctors Cyprus" departs on Sunday for Beirut to offer assistance at local hospitals. The team will provide help for the...

Cyprus’ Agriculture Minister expects joint meeting with EU Commissioners to discuss halloumi registration

Cyprus’ Minister of Agriculture Costas Kadis said on Friday that he expects a joint meeting to be arranged with competent European Commissioners, in order...

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...