Rating agencies turn spotlight on elections

Credit rating agencies are keeping an eye on Cyprus’ presidential elections in February to conclude how the island’s new administration will be running public finances, say economists. Rating agencies will launch a

EU Single Market turns 30

The Single Market has led to an unprecedented market integration between Member State economies, serving as a driver for growth and competitiveness, said the European Commission to mark its 30th anniversary. “Established on

ΙCT sector contributed €3 bln to economy

The technology sector’s (ICT) contribution to the Cypriot economy is estimated to reach €3 bln this year, boosting its diversification and resilience. According to the latest data, more than 1,200 foreign companies,

Economy grows by 6% GDP

Cyprus’ economy has grown by 6% GDP in the first nine months, despite the ongoing fallout from the war in Ukraine and the subsequent sanctions on invading Russia, said the Central Bank.


Any recession will be mild, short-lived

If it comes, Europe can expect a mild and relatively short-lived economic recession as high inflation is tamed, said Cyprus Central Bank governor Constantinos Herodotou. He said the ECB’s objective is to restore

From junk to jewel

Finance Minister Constantinos Petrides made a bold declaration this week, telling investors that Cyprus can be a financial hub in the eastern Mediterranean and very soon become a ‘triple A’ economy. But


Cyprus economy recovering from COVID

Cyprus’ economy is recovering from the COVID-19 pandemic, as data shows that GDP in the first nine months has grown faster than expected. According to data released by CyStat, the economy grew


Construction industry faces growing pains

Cyprus construction stakeholders fear the industry may be growing too fast, endangering a healthy recovery from the coronavirus pandemic and a steep increase in the cost of building materials. Developers believe the


Freeze on foreclosures ‘threat to recovery’

Finance Minister Constantinos Petrides will ask President Nicos Anastasiades to return the House’s decision to extend a foreclosure freeze, arguing that Cyprus’s credibility among foreign investors and creditors will be shaken. “Unfortunately,

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