The Central Bank of Cyprus (CBC) has revised its forecast for GDP growth for 2019 downward to 3.5% from 3.7% it estimated in December. For 2020 and 2021 it expects economic growth to be driven by the continuous growth of domestic demand and forecasts further recovery over the next few years, however at a slower
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A bill creating a Deputy Ministry for Digital Strategy, Research and Innovation will be tabled to the cabinet for approval soon, President Nicos Anastasiades said. Speaking at the 58th Annual General Meeting of the Institute of Certified Public Accounts of Cyprus (ICPAC), Anastasiades said the Deputy Ministry “will play a crucial role towards the target
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President Nicos Anastasiades said a consultative dialogue between government and foreign investors will be institutionalized to reinforce the position of Cyprus as a stable and competitive destination for doing business. The President held a roundtable meeting with foreign investors at the Presidential Palace on Thursday, with the participation of the Ministers of Foreign Affairs, Economy
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Local energy giant Petrolina’s new fuel storage facilities at the Vassiliko hub will be ready by the end of the year, ending almost six decades of presence on the Larnaca coastline, with the company’s main shareholders hoping to utilise the vacated land on the Dhekelia road for commercial and property development. Construction of the new
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Cyprus has found its first undisturbed Roman shipwreck loaded with ancient cargo off the island’s southern coast which could unlock the region’s sea trading history, the Cypriot antiquities department said on Thursday. The wreck, located off the Mediterranean island’s southeast coast near the popular beach resort of Protaras, was spotted by divers from a University
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Increases in the price of air tickets will have a negative effect on Cyprus’ air connectivity with an immediate impact on tourism, Transport Minister Vassiliki Anastassiadou warned. “The economics of air connectivity are fragile and subject to the continuous changes of market dynamics,” said Anastassiadou. “Any additional cost to air tickets will have a negative
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Cyprus has strongly protested to the UN over violations of its national airspace, the infringements of international air traffic regulations in its flight information region and the illegal use of closed ports and airports in Cyprus by Turkey. In a letter to UNSG Antonio Guterres, four documents detailed the violations of Cyprus airspace, infringements of
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Cyprus has been put in a difficult position with its closer relationship with Washington as a bill that would lift a 1987 US arms embargo is conditional on Nicosia not offering facilities to Russian navy ships. Cypriot president Nicos Anastasiades described the amendments made to the bipartisan legislation authored by Robert Menendez and Senator Rubio
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By Lukman Otunuga, Research Analyst at FXTM Conflicting signals over the direction of trade between the world’s two largest economies are set to disrupt and destabilise the positive mood across markets ahead of the G20 showdown. The Trump administration wasted no time in adopting the good cop, bad cop strategy leading up to the trade
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As Greece enters the final stretch of its general elections with the polls just a fortnight away, there seems to be a newfound optimism that the struggling economy will pick up again once the widely anticipated New Democracy administration comes into office. News reports suggest that in anticipation of the July 7 elections, investors and
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