Construction prices inched up in March, as the Price Index of Construction Materials for March 2010 rose by 0.59% over the previous month to 119.03 (base year 2005=100.00) and by 1.54% over March 2009. For the period January – March 2010 the index recorded an increase of 1.27% compared with the same period last year.
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Official figures confirm that the budget deficit ballooned in 2009, reaching EUR 1,028.7 mln, or 6.1% of GDP, from less than 1% of GDP in 2008. Expenditure in 2009 increased by 5.5% while revenues dropped by 10.2%. In the fourth quarter alone, total revenue fell by 15% to EUR 1,772.0 mln, while total expenditure decreased
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The Cyprus trade deficit widened at the turn of the year, rising to EUR 378.3mln in January 2010 compared with EUR 373.8mln in January 2009. Total imports/arrivals (covering total imports from third countries and arrivals from other Member States) in January 2010 amounted to EUR 451.1mln compared with EUR 444.8mln in January 2009. Total exports/dispatches
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Cyprus Tourist Organization (CTO) Chairman Alecos Orountiotis said here on Monday that the Icelandic volcanic ash which grounded flights across Europe have caused many problems as regards tourism in Cyprus. Orountiotis said that the tourists affected so far, mainly from Britain, amount to 4,000-5,000. He expressed concern not only because flights are being cancelled but
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Greece could face pressure to take tougher austerity measures when European and IMF officials discuss an aid package this week, a senior EU official said, as a delay in the talks pushed Athens' borrowing costs to new highs. The euro zone member hopes to begin talks with the mission on Wednesday on a policy programme
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Greece needs help to beat its crisis and there is a risk it will fall into a "death circle" of recession and falling budget revenue if its borrowing costs stay high, financier George Soros told Greek Skai TV on Monday. Athens hopes to begin talks with European and International Monetary Fund officials on Wednesday on
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The economic impact of the volcanic ash cloud currently rendering much of Europe a no-fly zone depends almost entirely on how long it lasts — something even the experts say they cannot predict. Below are several scenarios for how the air transport crisis could pan out, together with the likely economic effects. EUROPEAN SKIES REOPEN
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. Cyprus may remain stuck in recession in 2010, the central bank governor warned urging parliament to back a cost cutting drive and back reforms to shore up deteriorating public finances. "Real GDP recorded a reduction of 1.7% in 2009. Unfortunately it appears the economy remains in recession and we cannot rule out a negative
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Nearly 20,000 people are expected to attend holy mass at Nicosia’s Eleftheria Stadium on June 6 to conclude the three-day official visit to the island of Pope Benedict XVI, the first Pontiff ever to set foot in Cyprus. Although the closed stadium has a capacity of 7,000, some 13,000 other faithful, mostly Catholics working here
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. Imagine an advertising campaign, “Cyprus blessed – from St Paul to Pope Benedict”, and the tremendous impact this would have on attracting hundreds if not thousands of new pilgrim-tourists to Cyprus. And then imagine the short-sighted people in charge of the pitiful state of the Cyprus economy who are naïve to think that by
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