Labour, energy costs stifling businesses

High labour costs, plus access to energy and raw materials, are the main challenges expected to be faced by Cypriot businesses in 2023, based on the Eurochambres Εconomic Survey. The Cyprus Chamber

House building slows amid high costs

Building activity declined slightly, slowed by rising costs in the first six months of 2022 compared to the same period last year, official data shows. The construction sector’s activity fell slightly in


President seeks to curb energy costs

President Nicos Anastasiades will hold an emergency with ministers and officials from energy authorities in a bid to bring down galloping electricity prices amid an inflation tide. Anastasiadis has called for a

Developers crushed under soaring costs

The construction industry is suffering as the price hike of raw materials continues, with developers crushed under higher costs as they are deprived of Russian money. Developers say some private projects in

Soaring building costs shackle recovery

Cyprus real estate and construction sectors are stressed from skyrocketing prices of building materials, making it harder to recover from the pandemic and scrapping of the ‘golden passports’ scheme. According to the


Hourly labour costs rise 7.3%

Cyprus hourly labour costs rose by 7.3% year on year in the third quarter of 2021, following an annual rise of 17.1% in the previous quarter. According to the Cyprus Statistical Service,

Wrong-way to keep costs down

There is a love-hate relationship between the government and the business community. On the one hand, the government needs business to pay taxes and contribute to national growth to maintain its payroll;