The Economist Intelligence Unit (EIU) maintained its Cyprus GDP growth forecast at 3.4% and 3.6% for 2007 and 2008 respectively, according to the Sharelink Securities & Financial Services update. The EIU believes that the downturn in tourism (as a result of soft demand in the UK) will have a larger impact on growth rates in
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The Baltics have until recently been Europe’s hottest residential investment destination, with Estonian house prices rising 556.41% between 1997 and 2006, and 245.95% in the past five years. But residential property in the Baltics is now expensive.  Apartments in capital cities are priced at around the same level as in Copenhagen, Helsinki and Stockholm, according to
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A massive show of force by Bank of Cyprus shareholders gave the Bank’s Management and Board the nod of approval to carry on with their current prudent strategy of organic growth through an independent course, with Chairman of the Board Elftherios Ioannou telling people interested to bid for the Bank to “pay up, or shut
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Food prices soar  Consumer price inflation in Cyprus rose to 2.2% compared with the same month of the previous year in May 2007, after an inflation rate of 1.8% in April and a low of 1.1% in November 2006. This is the first time since September 2006 that the CPI has breached 2%. The
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The Bank of Cyprus Group, consistently delivering on its strategic plan, announces the commencement of its operations in Russia. According to its official website, on 6 June 2007 the Central Bank of Russia granted Bank of Cyprus the license of banking operations in Russia. Bank of Cyprus is the first Greek or Cypriot banking institution
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The number of unemployed registered at the District Labour Offices on the last day of May 2007 fell by 592 people compared with May 2006 to 10,802 people. Compared with April, number fell by 617, as unemployment fell in the sectors of hotels and restaurants, public administration and transport. In the period January to May,
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Meat is a better buy  A breakdown of food producer prices in Cyprus shows that tomatoes have been leading the high increase in food-price inflation over the past 12 months. Prices of tomatoes have shot up by an average 75.6% year on year in the period April 2006 to March 2007. The second highest
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The Jersey Financial Services Commission and the Central Bank of Cyprus, expressing their mutual interest and willingness in establishing and promoting bilateral ties in supervising credit institutions, have signed a Memorandum of Understanding. The Jersey Financial Services Commission is the competent authority for the regulation, supervision and development of the financial services industry in the
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The Finance Ministry has welcomed warmly a decision by the European Union Finance Minister to propose to the European Council the accession of Cyprus and Malta to the Eurozone on January 1, 2008.The Ministry reiterated its determination to continue working for a smooth change of currency from the Cyprus pound to the euro in January
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The overwhelming majority of Greek Cypriots believe that time is running against them as far as the Cyprus issue is concerned and are worried about the current situation and any future negative developments. According to a survey conducted between 7 and 30 March 2007 by the consulting and research company Noverna, on behalf of the
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