Cyprus is not expected to face any further consequences following the decree signed by Russian President Vladimir Putin for suspending certain provisions of international taxation agreements, said the Finance Ministry. A statement
Inflation continued to slow in July, rising to 1.5%, the lowest rate since March 2021. July 2023 Consumer Prices Index rose 0.92 points to 115.30 points from 114.38 units in June, according to
The seasonally adjusted unemployment rate in Cyprus dropped in June from 2022 while remaining stable compared to May, according to Eurostat. Unemployment in Cyprus stood at 4.8% in June, remaining stable since
Pure new credit (excluding renegotiated loan facilities) rose by an annual 1.26% in the first six months, with rate hikes by the European Central Bank affecting mortgages which marked a reduction of
Private debt in Cyprus (households and non-financial corporations) was 218% of GDP in the first quarter of 2023, with debt in absolute numbers totalling €60.1 bln, the Central Bank of Cyprus (CBC)
A substantial annual increase of over 40% was recorded in tourism revenue for May as holiday arrivals climbed. According to the official data, tourism revenue in May – when 420,000 tourists arrived
Economic sentiment in Cyprus deteriorated in July due to weaker business confidence in the services sector and lower consumer optimism, according to a University of Cyprus index. The Economic Sentiment Indicator (ESI-CypERC)
GDP growth and inflation will drop to 3% in 2023, according to forecasts of the University of Cyprus’ Economic Research Centre. The ERC noted the projection for 2023 remains unchanged compared to
The Labour Ministry is close to striking a happy balance between labour union demands to scrap the 12% penalty clause imposed on people who retire early at 63 and the state budget.
The Fiscal Council has urged the government to be wary of expenditure increases, which may be obligatory to face challenges but could derail the state’s finances. In its interim report, the financial
