Insider Economy Retail businesses contribute €1b to country's GDP, FinMin says

Retail businesses contribute €1b to country’s GDP, FinMin says

 

Finance Minister Constantinos Petrides said on Thursday that the businesses selected to open in the initial stages of restarting the economy were based among other on factors such as contribution to GDP, employment and state income, as well as the possibility of remote work and the risk of contagion from Covid-19.

The road map of the European Union as well as that of other countries who are taking action on the gradual reopening of their economies were also taken into account in drawing up the government’s plan.

The overall aim of the roadmap is the recovery of the economy, as “without the economy there can be no health system nor income.”

Should there be compliance to the measures during the period of gradual return to normality, the economy is expected to start recovering in the final quarter of 2020 and peak in 2021.

On the opening of retail businesses, Petrides said that they contribute more than €1 billion to GDP, counting around 38,000 employees, or 9.4% of the total workforce, and the sector accounts for around 12% of national income.

On the opening of the construction sector, it contributes 5% to the Cypriot economy, employs more than 30,000 people, or 7.5% of the workforce, and the sector makes up more than 16% of state income.

Petrides was speaking during a joint press conference of Ministers of Finance, Health and Labour following a televised address by the President announcing the reopening of retail businesses and the construction sector under strict health measures on May 4.

He stressed that the aim is not to cut salaries but to boost incomes.

And he highlighted the need for prudent management to avoid bailout-like conditions, set either internally or from abroad — a reference to the austerity measures that followed the 2013 financial crisis.

Read more:

President’s address on easing of measures

MoH: Use of masks by public recommended, not mandatory

Categories of citizens at serious risk from Covid-19

Form A rules apply until May 20, police clarify

Top Stories

New record number of new cases of COVID-19 on Tuesday: 152

The Health Ministry announced 153 new COVID-19 cases on 20 October, out of 4,410 laboratory tests, taking confirmed infections to 2, 839. The break-down of...

Stench in Kokkinotrimithia and Mammari due to farms and burned garbage

Citizens of Kokkinotrimithia and Mammari contacted philenews and complained that at the Kafkalla location some people threw a huge quantity of garbage and set...

Police chasing suspects in Paphos

Members of the Anti-Narcotics Unit who were watching some suspects for drug trafficking, according to first information, chased a suspicious vehicle which tried to...

71-year-old dead in accident

During an accident that took place this morning in the district of Nicosia, 71-year-old Andreas Alexandrou from Kato Moni of Nicosia District lost his...

Rain and hail in Lympia and Xylotympou (PHOTOS)

Rain and hail were seen in various areas of Cyprus. Social media users published photos from Lympia and Xylotympou. (philenews)

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...