Rating Agency, DBRS Morningstar, slashed Cyprus’ baseline growth rate by 0.7% for 2022, citing the deteriorating outlook following Russia’s invasion of Ukraine. In its updated sovereign baseline scenarios, the Canadian rating agency
With higher prices at supermarkets and petrol pumps, Cypriot consumers are changing their shopping habits, limiting their spending to essential items, say retailers. In May, the Statistical Service said Cyprus saw its
Hospitality is the driving force behind the economy’s 5.6% GDP growth in the first quarter of the year, as other sectors struggle to recover following two years of COVID restrictions. The recovery
Cyprus is witnessing the highest inflation rate recorded in four decades, with May equalling the 9.1% registered in February 1982. The highest inflation rate Cyprus endured was 10.8% in 1981. The news
Cyprus growth is hindered by the Ukraine war fallout, but partial recovery in exports and private consumption will see a 2% GDP rise in 2022, the International Monetary Fund forecasts. It said
Cyprus will extend lower VAT on electricity bills and a fuel price cap while boosting pensions to cushion the impact of runaway prices that have pushed inflation to its highest rate in
Economic sentiment in Cyprus improved slightly in May, with the monthly Economic Sentiment Indicator (ESI-CypERC) up by 1.1 points from April due to stronger business confidence in services. However, at 106.1 points,
The European Commission has underlined the need for Cyprus to reduce its reliance on fossil fuels and accelerate the development of renewables. Its European Semester for 2022 called on Nicosia to develop
GDP growth in Cyprus this year will decelerate to 2.3% from the previous estimate of 3.6%, while inflation will more than double due to negative geopolitical developments associated with the war in
There were no decisions Friday on measures to buffer hiking inflation, diminishing Cypriots’ purchasing power, as the government postponed action until next week. Following the meeting on Friday, government spokesperson Marios Pelekanos
