Economy - Page 26

Central Bank downgrades GDP growth

The Central Bank of Cyprus (CBC) has downgraded its forecast for 2022 GDP economic growth by 0.9 percentage points due to the negative effects of the Ukraine war and the sanctions against

29th July 2022

Cyprus/Economy

Minimum wage talks on hold

Labour Minister Kyriacos Koushos failed to get social partners to agree on a national minimum wage scheme on Friday, despite keeping employers and union bosses locked up in his office throughout the

22nd July 2022

Cyprus/Economy

ECB raises interest rates, Cyprus feels impact

The European Central Bank (ECB) increased interest rates by more than expected on Thursday, raising its benchmark deposit rate by 50 basis points to zero percent, impacting the Cyprus banking system and

21st July 2022

Cyprus/Economy/Europe

National minimum wage set at €930

Cyprus workers will earn no less than €890 gross a month, increasing to €930 after six months on the job, as the government edges closer to introducing a nationwide minimum wage. Following

21st July 2022

Business/Cyprus/Economy

Consumer prices continue to climb

The cost of consumer goods and services in Cyprus continued to climb in June, on an upward spiral for the past 18 months, rising to 111.34 points or 9% on an annual

20th July 2022

Cyprus/Economy

Average cost of building a house rises 20%

People wanting to buy a house in Cyprus are constricted by an upward trend in construction costs and materials, with the latest figures showing a 20% jump. According to Cystat, the average

18th July 2022

Cyprus/Economy

Measures to shield economy from inflation

Inflation is running higher for longer, and we must realise it affects various groups of people differently. Inflation is calculated as the rate of increase of an index comprised of several hundred

18th July 2022

Comment/Economy

Cyprus price inflation to remain high

The European Commission has praised the Cypriot economy for exceeding expectations during the year’s first quarter while also delivering bad news regarding high inflation. “The Cypriot economy surprised on the upside in

15th July 2022

Cyprus/Economy

Construction buffered by soaring prices

Activity in construction declined in the first three months to March amid soaring prices, indicating the Cyprus economy is slowing. In the first quarter of 2022, the Index of Production in Construction,

14th July 2022

Cyprus/Economy

Consumers tighten spending amid rampant inflation

Cypriot consumers are becoming increasingly conservative in their shopping habits, chasing discounts while opting for cheaper products, say retailers. The change in consumer psychology comes amid the highest wave of inflation in

12th July 2022

Cyprus/Economy