The Statistical Service has published “Cyprus in the EU scale” for 2008, showing Cyprus compared with other EU countries. Cyprus had a real GDP growth rate of 4.4% in 2007 compared with an EU average of 2.9%. The services sector employs 75.1% of the workforce in Cyprus, compared with 69.1% in the EU 27. According
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The industrial turnover index in October rose by 11.1% compared with October 2007 according to the latest figures from the Statistical Service. Industrial turnover comprises mining, quarrying, manufacturing, electricity, gas and water supply. In the period January to October 2008 the index recorded a rise of 14.3% over the same period of the previous year.
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Tourism arrivals in Cyprus fell by 2.2% over the year earlier in December, bringing the cumulative fall for the year to 0.5%. Tourism arrivals totalled 2,403,744 in 2008, of which 1,242,650, or more than 50%, came from the UK. A collapse in the UK market, especially in the second half of the year, was the
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Pre-Christmas discounts and a cut in sales tax pushed British inflation down by its biggest margin in almost 17 years last month, but the fall was less dramatic than analysts had forecast, official data showed on Tuesday. The headline rate of consumer price inflation slowed to 3.1 percent from 4.1 percent, its lowest level since
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Fears about banks and the world economy underlined the difficulties confronting incoming U.S. President Barack Obama on Tuesday, sending equities sharply lower. The dollar was stronger, however, with Britain's pound plunging on worries about the UK's banking system. World stocks as measured by MSCI were down close to 1 percent, led by Asian shares. Emerging
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The music industry needs to learn from the "dark side of the Internet" that has so decimated its business if it is to ever regain the upper hand in the fight against piracy. At the annual industry gathering in the south of France, executives revealed a sliver of optimism for the first time in years,
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Apple Inc said on Tuesday it had launched an online shop selling second-hand Apple products in China, offering discounts of up to 22 percent, as it looks to beef up its business in the country. These are products that were previously sold and returned to Apple and have undergone quality tests, the company's website said.
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Barack Obama takes over as U.S. president on Tuesday with hopes riding high he can conjure up a rescue that will jolt the world's biggest economy back to life and contain the financial crisis ravaging global markets. The first African-American to become U.S. president will take his oath against the backdrop of plunging world stock
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German Chancellor Angela Merkel criticised U.S. subsidies to its auto industry on Tuesday, saying the aid threatened to distort competition and was not a long-term solution to the struggling sector's problems. "Europe cannot just look on if someone offers subsidies and market forces are dispensed with," said Merkel in an interview on ARD public television
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British spread betting firm IG Group on Tuesday posted a 21 percent rise in first-half pretax profit to 58.2 million pounds ($84.3 million) and said trading continued to be strong. Howkins told Reuters daily revenue for the month to date is approaching the record levels seen last October, driven by intense media coverage of the
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