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121. IMF says Cyprus untouched by war fallout

The economy of Cyprus is expected to slow to around 2.5% in 2023, reflecting an erosion in household incomes, tighter financial conditions, and delayed impacts from sanctions against Russia, International Monetary Fund forecasts, after the conclusion of the Article IV consultation with Cyprus...

122. April sees surge in retail trade

Retail trade increased significantly in April in both value and volume metrics, according to the latest data released Thursday by the Statistical Service of Cyprus....

123. Why are food prices so high in Europe?

It is the most basic of staple food items: sliced white bread. In Britain, the average price of a loaf was 28 percent higher in April, at 1.39 pounds, or $1.72, than it was a year earlier....

124. Cyprus economy continues to shine in April

The Cyprus Composite Leading Economic Index (CCLEI) continued its positive year-over-year growth trend in April 2023, providing further support for the economic forecasts of the Cypriot economy....

125. Kyriakides and Becerra: EU and US establish joint health task force

126. Unions and employers sign new transitional agreement on CoLA

Cyprus’ social partners (trade union and employers) on Friday signed, in the presence of the Minister of Labour and Social Insurance Yiannis Panayiotou, a new transitional agreement on the Cost-Of-Living Adjustment (CoLA) stipulating an increased allowance of 66.7% of last year’s inflation from the previous 50%....

127. Employers and trade unions clash over CoLA index proposal

Today, Wednesday, May 3rd, employers will have a meeting regarding the Cost of Living Adjustment (CoLA) index, and on Thursday, May 4th, the trade unions will have theirs....

128. Banks announce measures on interest rates

Since July 2022, lending rates in Cyprus have risen by 3.5%, putting borrowers in a difficult position with dangerously increasing loan repayments....

129. Labor Minister proposes compromise on CoLA issue

Labour Minister Yiannis Panagiotou presented a mediation proposal on the CoLA issue to trade unions and employers' organizations on Friday morning (28/04)....

130. Home prices remain high despite recent dip

House Price Index decreased by 4% in the fourth quarter of 2022 and amounted to 108.03 units, compared to the third quarter, when it was at 112.51, according to a preliminary estimate of the Statistical Service, published on Tuesday....

131. Minister of Labor to submit CoLA mediation proposal

Minister of Labour and Social Insurance Yiannis Panayiotou said on Friday he would submit a mediation proposal to the social partners (trade unions and employers) to reach an agreement on the issue of the Cost of Living Allowance (CoLA)....

132. 43% of motorcyclists who died in Cyprus in 2021 did not wear a helmet

According to a recent report by the European Transport Safety Council (ETSC), 43% of motorcyclists and moped users who died in road accidents in 2021 did not wear a helmet. ...

133. CBC estimates GDP growth at 2.6% in 2023

The Central Bank of Cyprus (CBC) has marginally upgraded its projections for GDP growth this year citing the slightly improved prospects in the external economic environment and the anticipated lower energy prices, amid the continued war in Ukraine....

134. High prices continue to plague the market

135. Construction materials up by 10.73% in February 2023

The Price Index of Construction Materials for February 2023 reached 136.10 units (base year 2015=100), recording an increase of 10.73%, according to data published by the Statistical Service of Cyprus on Monday....

136. One in two Cypriots considers it easy to start a business

Approximately one in two Cypriots considers it easy to start a business in Cyprus, according to the Global Entrepreneurship Monitor (GEM) Cyprus Report 2021/2022...

137. Inflation sees downward trend for 7th month in a row

The cost of living in Cyprus has decreased for the seventh month in a row, with the rate of inflation dropping to 6.7% in February. This is down from a peak of 10.6% in July 2022. ...

138. Banks around the world feel force of SVB fallout

U.S. President Joe Biden vowed to do whatever was needed to address a threatened banking crisis after the collapses of Silicon Valley Bank and Signature Bank forced regulators to step in with emergency measures....

139. Nicosia among small European cities of the future

Nicosia ranks first in the category of small European cities of the future for human capital and lifestyle, according to the results of the European Cities & Regions of the Future 2023 global ranking....

140. Tourists are spending 13% more in Cyprus

If there is one thing that has changed in the past year's data on the tourism industry, it is the realization that, even though there are fewer visitors coming in than in 2019,...

141. Economic sentiment improved in February

Economic sentiment improved in February, with the Economic Sentiment Index (ESI) rising by 1.9 points compared to January....

142. Thinking of investing in real estate? Don’t do it.

A lack of financial literacy can lead people to consider investing in direct real estate. This a provocative statement to say the least, so let me explain....

143. Building materials at their highest since 1986

The Price Index of Construction Materials for January 2023 reached 136.01 units (base year 2015=100), recording an increase of 12.25% compared to the same month of the previous year, according to data published by the Statistical Service on Friday....

144. Turkey orders arrests over collapsed buildings in earthquake

Turkey vowed on Sunday to investigate thoroughly anyone suspected of responsibility for the collapse of buildings in the country's devastating earthquakes nearly one week ago and has already ordered the detention of 113 suspects...

145. Apartment prices continued its upward momentum in Q4 2022

Apartments continued to drive the rising real estate prices in the fourth quarter of 2022, data published by the Aks WiRE Index show....

146. Death toll surpasses 11,000 as Erdogan visits quake ravaged areas

President Recep Tayyip Erdoğan has visited the region of southern Turkey devastated by this week’s earthquake as the death toll rose above 11,000 and acknowledged that his government faced problems getting aid to victims....

147. Half a billion euro investment in digital transformation

Over the next five years, a little more than half a billion euros (€512 million) will be set aside for digital transformation. ...

148. CBC: Household debt at 77% of GDP

The household debt ratio stood at 77% of the Gross Domestic Product (GDP) at the end of September 2022, marking a slight decrease compared to the previous quarter, due to the increase in GDP, according to data published by the Central Bank of Cyprus on its website on Tuesday, in the "Quarterly Financial Accounts" edition, for the reporting quarter ending September 2022. ...

149. Terracotta roof tiles that act as invisible solar panels

In the historic Italian city of Vicenza, Veneto, a typically-Italian family business of artisans is handmaking not-so-typical solar panels....

150. Banks are revising lending rates

Cypriot banks are preparing new loan rates in an effort to redesign the pricing of loans. In the first half of 2023, Cypriot banks will see significant changes in the pricing of new loans, accompanied by increases in interest rates, ...