Month: May 2021

Making the most of the funds of the multiannual financial framework and the Recovery and Resilience Facility is a top priority, the Ministry of Finance points out.

The Ministry has published the Medium-Term Strategic Framework for Fiscal Policy 2022-2024, which is the first step for the next state budget and the Medium-Term Fiscal Framework, since it sets the maximum expenditures of the Ministries for the next three years.

The total funds allocated to Cyprus through the EU budget and the National Recovery and Resilience Plan amount to €4.

Source: Cyprus News Agency

Total sales of petroleum products jumped 70.2% in April 2021 compared to April 2020. According to data released by the Statistical Service of Cyprus, the total sales were 96,040 tonnes. While a stricter and longer lockdown was in place in Cyprus in April 2020, there were also significant COVID restrictions in April 2021.

An increase was observed in all fuels covered except light fuel oil (-24.0%). Indicatively, the sales of motor gasoline rose by 201.1% and of road diesel by 113.6%, while the provisions of aviation kerosene rose by 276.2%. As far as the sales from filling stations are specifically concerned, these have registered a rise of 121.1% to 53.033 tonnes.

The total sales of petroleum products in April 2021 compared to March 2021 recorded a decrease of 11.4%. A fall was recorded in the provisions of marine gasoil (-19.8%), as well as in the sales o

Source: Cyprus News Agency

The economic sentiment indicator in May rose above the long-term average of 100 points in May, reflecting the improvement of business sentiment in Cyprus, as economic activity returns gradually to normality.

The Economic Sentiment Indicator (ESI) compiled by the University of Cyprus’ Economic Research Centre, in May rose by 7.6 units compared with the previous month reaching 104.1 units. The ESI returned above the long-term average of 100 units since March 2020, before the COVID-19 pandemic outbreak in Cyprus.

The ESI has been moving upward since March 2021 reflecting the favourable conditions for economic activity in the coming quarters, the ERC said.

The increase in the ESI was driven by improvements in business confidence in all sectors.

According to the ERC, the Services Confidence Indicator increased strongly for the thi

Source: Cyprus News Agency

In the first quarter of 2021, registrations of new businesses increased slightly, by 0.3%, compared with the previous quarter, according to Eurostat.

For declared bankruptcies, there was a 5.8% growth in the first quarter of 2021 compared with the fourth quarter of 2020.

Year-on-year comparisons show that the number of registrations of new businesses increased by 11.8% in the first quarter of 2021 compared with a year earlier, while the number of registered bankruptcies increased by 7.3%.

Source: Cyprus News Agency

One-fifth (20.3%) of employees born outside the EU were employed on a temporary contract in the EU in 2020, compared with 13.8% for temporary employees born in a different EU Member State and 11.8% for native-born employees with a temporary job, according to data released today by Eurostat, the statistical service of the EU.

According to Eurostat, compared with 2019, the shares in 2020 were 1.5 percentage points (pp) lower for temporary employees born outside the EU, 1.4 pp lower for employees born in another EU Member State and 1.2 pp lower for native-born employees.

Across the EU Member States for which the results are available, in 2020 the highest share of employees born outside the EU employed on temporary contracts was recorded in Poland (40.6%), followed by Cyprus (35.8%), Spain (35.1%), Portugal (26.8%) and Sweden (25.2%). By contrast, the lowest sha

Source: Cyprus News Agency

In 2020, the European Union (EU) exported close to 5.2 million cars (petrol, diesel, electric and hybrid electric cars), while 3.0 million cars were imported, according to data released today by Eurostat, the statistical service of the EU. According to Eurostat, the trade in electric and hybrid electric cars was on the rise this year.

Petrol cars accounted for the majority of exported cars (64% of extra-EU car exports), followed by diesel cars (22%) and electric & hybrid electric cars (14%). In terms of imports, petrol cars accounted for over a half of extra-EU car imports (53%), followed by electric and hybrid electric cars (30%) and diesel cars (18%).

When looking at the 725 thousand exported electric cars and hybrid electric cars in detail: almost half of them were non-plug-in hybrid (49%), while around a quarter each were electric (27%) or plug-in hybrid

Source: Cyprus News Agency