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,
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
A deal for introducing the national minimum wage is under threat, as social partners are drifting apart instead of converging, resorting to cheap shots at each other. The sides were expected to
Cyprus is enduring its highest inflation rate in four decades, as the cost of living increased by 9.6% in June, breaking the previous 40-year record of 9.1% registered in February 1982. The
Cyprus’ long-term strategy for a new growth model titled “Vision 2035” seeks to transform the economy based on green sustainability, not wishful thinking, said Finance Minister Constantinos Petrides. The “Vision 2035” strategy,
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
