Month: May 2021

General Government recorded a fiscal deficit of €187.9 mln for the period of January-March 2021, as compared to a surplus of €226.9 mln that was recorded during the period of January-March 2020, according to preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT).

During the first quarter an increase in expenditure and a decrease in revenue was recorded, mainly due to the measures taken to support enterprises and the suspension of various sectors of the economy, respectively, as a result of the Covid-19 pandemic.

Increased amounts in specific categories of expenditure and revenue are partly attributed to the full implementation of the National Health System as of 01.06.2020.

EXPENDITURE

During the period of January-March 2021, total expenditure increased by €341.

Source: Cyprus News Agency

Cypriot Deputy Minister for Tourism Savvas Perdios will visit London and Moscow for contacts concerning the restart of the tourist inflow, following last year’s disruption due to the coronavirus pandemic.

A press release issued by the Deputy Ministry for Tourism, says that during his contacts, Perdios will outline Cyprus’ epidemiological picture, the progress in the vaccination programme and will explore ways of resolving all pending issues associated with inflow of tourist from the United Kingdom and Russia, Cyprus’ top tourist markets.

Special emphasis will be placed on Cyprus’ protocol governing the entry to the island, implemented earlier this year, enabling confidence and safety to travelers, tour operators and air carriers and other tourism stakeholders, the Ministry added.

Source: Cyprus News Agency

Industrial Output Prices for the period January-April 2021 showed a decrease of 2.3% compared to the corresponding period of 2020, according to data released Monday by the Statistical Service of Cyprus.

The Index for April 2021 reached 102.1 units (base 2015=100), recording an increase of 0.6% compared to March 2021. Compared to the corresponding month of the previous year, the index recorded a decrease of 0.8%.

In April 2021 compared to March 2021, the index remained stable in the sector of electricity supply, while it showed a rise in the sectors of mining and quarrying by 0.3%, manufacturing by 0.6% and water supply and materials recovery by 2.3%.

Compared to the corresponding month of the previous year, an increase was recorded in the sectors of water supply and materials recovery (26.5%), manufacturing (1.0%) and mining and quarrying.

Source: Cyprus News Agency

The Cypriot economy showed a negative growth rate of 1.6% in the first quarter of 2021, compared to the corresponding quarter of 2020, according to data released Monday by the Statistical Service of Cyprus. This is the fourth consecutive quarter of a negative GDP growth rate, amid restrictions to curb the spread of COVID-19 in Cyprus.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -1,6%.

The negative GDP growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Manufacturing”, ” Transport, Storage and Communication”, “Wholesale and Retail Trade, Repair of Motor Vehicles”, “Arts, Entertainment and Recreation”, “Other Service Activities”.

However, compared to the last quarter of 2020 the economy increased by 2%.

Source: Cyprus News Agency

Revenue from tourism in March 2021 reached €8.0 mn compared to €25.6 mn in the corresponding month of the previous year, recording a decrease of 68.8%, as well as a decrease of 91.7% compared to March 2019 (€96.6 mn).

On the basis of the results of the Passenger Survey carried out by the Statistical Service, for the period of January – March 2021 revenue from tourism is estimated at €14.6 mn compared to €115.3 mn in the corresponding period of 2020, recording a decrease of 87.3% as well as a decrease of 92.3% compared to January-March 2019 (€188,6 mn).

Source: Cyprus News Agency