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Eurostat: Cyprus trade deficit and inflation drop

16 January, 2014

Cyprus` trade deficit for the first ten months of 2013 recorded a significant drop, according to Eurostat data. In the respective period of 2012, the deficit was down by 900 million euro.

Furthermore, Eurostat notes that the annual harmonised inflation fell for a third consecutive month in December 2013 in Cyprus.

The total value of Cyprus` exports in January-October 2013 reached 1.3 bn euro, recording an increase of 11% compared to the respective period of 2012. Furthermore, imports were down by 18%, reaching 3.9 bn euro in value from 4.8 bn euro in the same period of 2012.

Cyprus` total deficit for the first ten months of 2013 reached 2.7 bn euro, compared with 3.6 bn euro in the same period of 2012.

The first estimate for the euro area (EA17) trade in goods balance with the rest of the world in November 2013 gave a 17.1 billion euro surplus, compared with +12.5 bn in November 2012. The October 2013 balance was +16.8 bn, compared with +9.6 bn in October 2012.

In November 2013 compared with October 2013, seasonally adjusted exports fell by 0.2% and imports by 1.3%.

The first estimate for the November 2013 extra-EU28 trade balance was a 3.4 bn euro surplus, compared with -3.0 bn in November 2012. In October 2013 the balance was +4.8 bn, compared with -10.2 bn in October 2012.

In November 2013 compared with October 2013, seasonally adjusted exports fell by 0.6% and imports by 1.4%.

Regarding inflation, in December 2013, the lowest annual rates were observed in Greece with -1.8%, Cyprus -1.3%, Bulgaria -0.9% and Latvia -0.4%, and the highest in Estonia, Austria and the United Kingdom, all 2.0%, and Finland 1.9%.

Compared with November 2013, annual inflation fell in nine member states, remained stable in four and rose in fourteen.

European Union annual inflation was 1.0% in December 2013, stable compared with November. A year earlier the rate was 2.3%. Monthly inflation was 0.3% in December 2013.

Euro area annual inflation was 0.8% in December 2013, down from 0.9% in November. A year earlier the rate was 2.2%. Monthly inflation was 0.3% in December 2013.

The lowest 12-month average rates up to December 2013 were registered in Greece with -0.9%, Latvia 0.0%, Bulgaria, Cyprus, Portugal and Sweden, all 0.4%, and the highest in Estonia and Romania, both 3.2%, and the Netherlands and the United Kingdom, both 2.6%.

The largest upward impacts to Euro area annual inflation came from electricity at +0.11 percentage points, tobacco +0.08 and restaurants and cafés +0.05, while telecommunications with -0.14, fuels for transport -0.13, and medical and paramedical services -0.07 had the biggest downward impacts.