Economy - Page 3

Cyprus economy to rebound 4.5% GDP in 2021

Finance Minister Constantinos Petrides expects to see the Cyprus economy bounce back from the pandemic with 4.5% GDP growth in 2021 following a 5.5% contraction during last year’s health crisis. Addressing Invest

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State budget passes after bumpy ride

Following its unprecedented rejection, Cyprus’ revised 2021 budget was narrowly approved by parliament with the government relieved to see millions for coronavirus support unlocked. The €17.1 bln budget was passed on Thursday

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Cyprus to expand mortgage relief scheme

Cyprus is looking into ways of expanding a relief scheme subsidising borrowers with toxic mortgages to cover borrowers who failed to make the first cut, as they were found unviable. Acting government

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Cost of bricks up 23%, asphalt down 20%

The cost of bricks jumped by a quarter last year, together with other construction materials, driven by the Covid-driven slowdown in global supplies, as well as the drop in crude prices that

COVID19: Lockdown II will test Cyprus banks

Although the government has announced financial support to buffer the effects of a second lockdown, there is a larger credit-negative economic effect for Cyprus banks as the pandemic endures. The lockdown measures

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Building permits declined 15.5% in October

Construction activity declined in October with approved building permits dropping 15.5% to 583 from 690 in the previous month of 2020, although Nicosia and Famagusta districts made gains. According to official data

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