Real monthly gross earnings of employees in Cyprus registered an annual drop in 2022, the first decline in seven years, showing the effect of high inflation on real incomes. According to annual
DBRS Ratings upgraded the long-term ratings of Cyprus to BBB (high), from BBB, with a stable outlook, giving a rating one level higher (third level) than the remaining three major credit rating agencies,
Cyprus has hailed a two-notch upgrade by credit ratings agency Moody’s to bring the country back into investment-grade territory a decade after a financial crisis left the island on the brink of
Employers fear President Nikos Christodoulides’ decision not to renew a decree that allowed them easier and faster access to asylum seekers will deepen a labour shortage already hurting hospitality. Earlier this week,
The Cabinet approved Wednesday the 2024 state budget, the government’s first, estimated to record a fiscal surplus of €659 million or 2.2% of GDP. Finance Minister Makis Keravnos said the budget aims
Economic sentiment in Cyprus deteriorated in September among businesses and consumers, according to the Economics Research Centre of the University of Cyprus (CypERC). In September, economic sentiment deteriorated, as the Economic Sentiment Indicator
Finance Minister Makis Keravnos said there are still challenges the banking sector must address, but he expects additional positive measures from banks to their struggling customers. At the ‘Banking System: New Challenges
The Central Bank of Cyprus revised its projections for GDP growth, estimating it will be 2.4% this year and 2.7% in 2024, down from its June estimate of 2.6% and 2.8%. In
Finance Minister Makis Keravnos said the government is taking measures against rising prices and, when necessary, will intervene. He said Cyprus is obliged to start repaying a loan of €6.5 bln, which must be
Projected GDP growth of the Cyprus economy has been revised downward to 2.6% from an initial 2.8%, while next year’s momentum is expected to pick up, said Finance Minister Makis Keravnos. The
