In December, the euro area seasonally-adjusted unemployment rate was 8.3%, up from 7.4% in 2019 while in Cyprus the jobless figure was similar at 7.3%, according to Eurostat. The EU unemployment rate was 7.5% in December 2020, also stable compared with November and up from 6.5% in December 2019. Unemployment in Cyprus decreased in December
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Fifth-generation mobile networks have arrived after the Cyprus Telecommunications Authority announced its 5G network, covering 70% of the population, is up and running. Through social media, Cyta announced the “beginning of a new era in the evolution of communications in our country”. The new network of Cytamobile-Vodafone, providing speeds up to 1Gbps with increased simultaneous
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A prominent scientist in the government’s fight against COVID-19 Dr Leondios Kostrikis, on Monday, resigned from the government’s advisory committee on coronavirus. Kostrikis who had been the face of the COVID-19 advisory committee at the beginning of the pandemic in March, submitted his resignation to Health Minister Constantinos Ioannou, citing a “work overload”. According to
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As Cyprus starts lifting lockdown police are stepping up checks to ensure the public and businesses follow the rules during the exit strategy. With COVID data improving significantly, as a result of tighter measures in December and the second national lockdown introduced in January, police are tasked with monitoring the new measures. According to Cyprus
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Cyprus on Monday began the gradual exit of a second national lockdown to stem coronavirus which peaked in December with 907 cases. As of Monday, barbershops, hairdressers, and beauty salons have reopened while businesses allowed to operate can have 50% of staff returning to the workplace. An increase from 25% to 50% of staff can
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According to a new outlook, the Cypriot economy is expected to recover in 2021 with GDP growth projected at 3.7% from a pandemic-induced contraction in 2020 of 5.7%, this is lower than the government’s more optimistic 4.5% rebound. The University of Cyprus Economic Outlook issued by its Economic Research Centre conflicts with the government’s early
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By Hussein Sayed, Chief Market Strategist at FXTM Earnings from big tech names, the Federal Reserve’s monetary policy meeting, Covid stimulus aid, economic data and vaccines rollout were supposed to be the big factors moving markets the past week. Instead, it was the battle between retail investors and hedge funds that burst out of nowhere
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Two people died of COVID-19 it was reported on Sunday, after two consecutive days of no deaths in Cyprus, raising the month’s total to 76 and equaling the December figure, considered the worst to date. But the number of new SARS-CoV-2 infections and patients admitted in hospitals seems to be receding, albeit at a slow
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Following the demise of Cyprus “golden passports” scheme compounded by coronavirus the construction industry is suffering but has options. The sector is relying on housing developments and offices for companies attracted to Cyprus post-Brexit. Although the sector is in for a turbulent year, experts say it can be saved by housing demand, especially in the
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Motorists will be digging further into their pockets when they visit their local petrol station, as pump prices are expected to shoot up by 2-5 cents a litre, to pay for a hefty fine as Cyprus missed EU emission targets for 2020. A Finance Ministry source told the Financial Mirror that petrol prices are expected
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