Total new loans in May spiked to €1.07 bln, more than double the previous month due to renegotiated loans for which new contracts were signed, while fresh new credit rose to €536.5
The Labour Ministry will review regulations governing retail shops’ operating hours, including the right to remain open on Sundays, 10 years after its introduction. Following a meeting with the small shopkeepers’ union
An increase of 7.2% was observed in the average gross monthly earnings of Cyprus employees in the first quarter of 2023 compared to Q1 last year, with men still paid more than
In June, economic sentiment improved as uncertainty among consumers was at its lowest ebb for three years, buoyed by business confidence and the services sector revival. According to the Economics Research Centre
Cyprus dropped five places in the IMD World Competitiveness Center rankings for the third consecutive year, falling from 40 to 45th out of 64 countries. This year, Cyprus has reached its lowest
The Central Bank of Cyprus believes the Cypriot economy will expand by 2.6% GDP in 2023, with positive developments observed in private consumption offset by any impact of sanctions on Russia for
Non-performing loans decreased by €105 mln at the end of March, compared to the end of December 2022, reaching €2.2 bln, according to the Central Bank of Cyprus. The ratio of NPLs
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
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.
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
