Fitch affirms Cyprus credit rating, stable outlook

International rating agency, Fitch, affirmed Cyprus’ Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB’ assigning a Stable Outlook, assuming that fiscal surpluses continue despite an economic slowdown. Furthermore, the agency revised upward

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Government mulling new relief measures

The government will introduce more measures to fence off the effects of persisting high inflation following news that interest rates will rise after the latest increase imposed by the European Central Bank.

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Job vacancy rate up 2.8% in Q1

The job vacancy rate in the first three months to March rose to 2.8% compared to 1.9% in the previous quarter and down from 3.2% in Q1 2022, data released by the Cyprus Statistical

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IMF: slower growth, inflation to persist

The economy of Cyprus is expected to slow to 2.5% GDP in 2023, reflecting an erosion in household incomes, tighter financial conditions, and delayed impacts from sanctions against Russia, the International Monetary Fund

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Retail, tourism driving GDP growth

Annual Gross Domestic Product generated €6.2 bln in the first quarter of the year, showing an increase of 3.4%, bolstered by the retail sector and tourism revenue. Based on seasonal and working

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May inflation drops to two-year low

Annual inflation in Cyprus dropped to 3.01% in May, continuing its downward trajectory for a seventh consecutive month, mainly driven by the reduction of fuel prices. Price inflation in May marked the

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Tourism on course for record year

Robust growth in tourist arrivals and revenues this year will offset losses the economy may suffer from sanctions on Cyprus’ services sector, according to initial Finance Ministry estimates. As reported by the

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