Day: August 26, 2021

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Economic sentiment rises in August but uncertainty remains, UCY’s ERC says

Economic Sentiment in Cyprus marked a 3-point increase in August mainly due to the improvement in the service sector, but uncertainty remains, fuelled by the Covid pandemic, University of Cyprus’ Economic Research Centre (ERC) said on Thursday.

According to the ERC, the Economic Sentiment Indicator (ESI) in August rose by 3 units reaching 108.6 from 105.6 in July.

“The increase in the ESI-CypERC resulted from stronger business confidence in services and, to a smaller degree, from confidence gains in retail trade and among consumers,” ERC said.

In Services, the increase in the Confidence Indicator was driven by improved assessments of past performance (business situation and demand), and upward revisions in demand expectations, while the increase in the Retail Trade Confidence Indicator was mainly due to more favourable assessments of past sales, despite downward revisions in sales expectations, ERC added.

Downward revisions in employment expectations were offset by improved assessments of order book levels, leaving the Construction Confidence Indicator unchanged from July’s level.

Furthermore, according to the ERC, the Industry Confidence Indicator remained unchanged at the level registered in July, as the downward revisions in production expectations were offset by improvements in recent performance, which resulted from more favourable assessments of stock levels.

The Consumer Confidence Indicator registered a small increase owing to the improvements in the forward-looking components of the Indicator.

“Consumers’ expectations about their financial conditions and the economic condition in Cyprus were revised upwards. Moreover, in August, consumers’ intentions to make major purchases strengthened,” the ERC said.

In any case, the ERC points out that despite the rise in the overall ESI, uncertainty remains as it rose among businesses and retail trade, manufacturing, constructions, as well as among the consumers, while the ESI among the services sector declined.

Source: Cyprus News Agency

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Cyprus President to have important meetings and visits in September

President of the Republic Nicos Anastasiades will hold in September a series of important meetings and visits many of which are visits in countries of the wider region, the EU and the US.

According to a press release by the Presidency, on the 30th of August, US Senator Robert Menendez.will pay a visit to Cyprus, during which he will be honoured by the President with the Grand Cross of the Order of Makarios III for his contribution to the promotion of human rights, rule of law and democracy. During a meeting the President will hold with the US Senator, he will raise the issue of further developing the significantly upgraded relations of the Republic of Cyprus with the US in recent years.

On September 4, President Anastasiades will be in Cairo for the first Cyprus-Egypt Intergovernmental Summit. He will be accompanied by the Ministers of Foreign Affairs, Energy, Education, Agriculture, Defence, the Government Spokesperson and the Deputy Minister of Shipping. The Intergovernmental Summit with Egypt is deemed as particularly important, as bilateral relations are upgraded on a wider range, the press release reads.

On September 13 and 14, the President will pay a visit to Bahrain, accompanied by Ministers, as part of the ongoing upgrade of relations between the two countries in recent years.

On September 17, the President will be in Athens, where the EUMed Summit will take place. Slovenia and Croatia will also participate. During the Summit they will discuss ways of cooperation in addressing common challenges, including climate change and the consequences in the wider region, immigration, environment, the pandemic, as well as security and stability in the region.

The President will brief his counterparts on the developments in the Cyprus issue and especially on the new Turkish provocations in Famagusta and the efforts to resume the Cyprus talks.

In late September the President will be in New York in the framework of the United Nations General Assembly. In a meeting he will hold with UN Secretary General Antonio Guterres, President Anastasiades will raise issues related to the resumption of substantive negotiations of the Cyprus problem.During his stay in New York, the President of the Republic will also have a series of meetings with foreign leaders.

In its press release, the Presidency notes that the program could be enriched or changed depending on the developments.

Source: Cyprus News Agency

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Cyprus reports five deaths, 254 new infections, 178 COVID patients hospitalized

The Ministry of Health announced Thursday the death of five people to COVID19, bringing the total number of deaths to 491,

(317 men, 174 women). The median age of the deceased is 77.

Moreover, 178 patients are receiving treatment in hospitals, 72 of whom in a serious condition. Of those hospitalised, 86.52% are not vaccinated. In addition, 15 post-COVID patients remain intubated in ICUs.

In the last 24 hours 254 new coronavirus cases were diagnosed bringing the total number of infections since the pandemic broke out to 112,532. The positivity rate stands at 0.56%.

The deceased were four men, 71, 65, 47 and 84 years old and a 57 year old woman.

Out of the 72 patients who are in a critical condition, 31 are intubated. In the Famagusta General Hospital there are 41 patients, 24 are being treated in the Nicosia General Hospital, 48 are in the Limassol General Hospital, 10 in the Larnaka General Hospital, 13 are receiving treatment in the Pafos General Hospital and 4 are in the Makario Hospital in Nicosia.

The 254 new infections were diagnosed after 45,382 tests done with the PCR method (5,367) and the antigen rapid test method (40,015) and were found as follows: 6 from samples taken at the airports, 49 from tests done after private initiative, 11 from samples taken at the Microbiology Laboratories of the General Hospitals, 115 from antigen rapid tests done in private laboratories and pharmacies, and 73 from antigen rapid tests done through the Ministry of Health programme. No cases were found from 9 samples taken in closed structures.

Source: Cyprus News Agency