Cyprus’ economy expanded by 3.6% in three-month period July-September, racking up 15 quarters of consecutive growth, official data showed Wednesday. Compared with the previous quarter, GDP grew by 0.7% in Q3 2018 compared with 1.1% in Q2, while based on seasonally and working day adjusted data, annual GDP growth rate in real terms is estimated
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Despite a major economic recovery, Cyprus has put privatisation on hold, needs to take renewable energy seriously, reduce NPLs and focus on targeted business reform, said the EBRD in its 2018-19 Transition Report. In its country assessment, the European Bank for Reconstruction and Development said privatisation remains on hold while liberalising the energy sector has
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RCB Bank for the third consecutive year has won the prestigious “Safest Bank in Cyprus” award by the internationally renowned Global Finance magazine. In its exclusive annual survey, which serves as a trusted standard of excellence for the global financial community, the New-York-based magazine ranks the most reliable financial institutions among the world’s largest banking
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. They are islands on the fringes of the European Union; two former British colonies that struggled for independence and became friends with their old rulers once they had achieved it. They are both partitioned countries that have known the pain of internal conflict. And the future of one of them, Cyprus, now depends on
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Despite breaking one record after another when it comes to tourist arrivals, Cyprus has seen tourists spending significantly less per person than previous years while on vacation on the island. While 3,239,760 tourists have visited the island in the first nine months, recording an increase of 7.9% compared to the same period last year, tourists
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The Treasury is expected to issue a call for tenders in 2019 for the selection of licensed organisations which can offer clearing services for card transactions. The selection is to be managed by the Central Bank of Cyprus. Currently such services are provided by JCC, and Bank of Cyprus which represents and issues American Express
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Hotel and catering services show the lowest labour costs, while financial, insurance and education are the highest paid, according to the Labour Cost Survey 2016, issued on Tuesday. The hourly cost (labour cost per hour worked) for all economic activities (excluding Agriculture, Forestry, Fisheries and Households as employers) is €16.30. Hourly labour cost per economic
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By Demetris Syllouris The time has come to realise that we have officially joined a new era, where everything that we know so far; structures, data, mechanisms, and services are now being digitised. Integrating into the core of the digital economy and society not only requires us to be resilient, but to also be cautious
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. Cyprus has entered the gas era. Both recent and past developments testify that the oil and gas sector can bolster the Cypriot economy. The next decade will be different from the cycles of the last three decades and the Danos company predicts an even a bigger demand growth. The energy revolution is similar in
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Former Eurogroup chief, Jeroen Dijsselbloem believes that the most important issues for the EU are currently not the euro or the economy but security and migration. He agrees with French President Emmanuel Macron that Europeans need to raise their defence spending and work together. Dijsselbloem was addressing an event in Nicosia marking 25 years
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