Day: September 1, 2021

General Government deficit recorded a decrease for the period of January-July 2021, at €684.9 mn (3.1% of GDP), compared to a deficit of €686.5 mn (3.3% of GDP) that was recorded during the period of January-July 2020, according to the preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT).

EXPENDITURE

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During the period of January-July 2021, total expenditure increased by €478.3 mn (+9.2%) and amounted to €5,700.6 mn, compared to €5,222.3 mn in the corresponding period of 2020.

It is noted, that the increase in specific expenditure categories is due to the support measures taken to address the effects of the Covid-19 pandemic.

Source: Cyprus News Agency

Cypriot national Myrto Zambarta took over on Wednesday her duties as the new ?ead of the European Commission Representation in Cyprus.

Zambarta has been working for the European Commission for over 15 years, during which she has acquired a thorough knowledge of several EU policy areas, in particular of international trade and investment issues, as well as humanitarian aid and crisis management.

Owing to her former positions, she is equipped with significant experience in management functions and in undertaking representation and international negotiation tasks.

Source: Cyprus News Agency

Cyprus has requested technical assistance from the European Maritime Safety Agency (EMSA) regarding the oil spill forming between Cyprus and Syria, close to the Karpasia peninsula, after an accident at a Syrian refinery.

According to a Commission spokesperson, the EMSA has also offered Cyprus the use of an oil recovery vessel. The spokesperson also called on all relevant countries to activate the existing framework of collaboration against oil pollution under the Barcelona Convention for the Protection of the Marine Environment and the Coastal Region of the Mediterranean, which has been signed by all countries in the region.

Source: Cyprus News Agency

Seasonally adjusted unemployment in Cyprus fell to 5.2% in July 2021, continuing a steady decline after having peaked in May at 10.5%, according to figures published by Eurostat, the statistical office of the European Union. For comparison, in July 2020 unemployment stood at 7.9%.

The decline is in keeping with trends in the euro area’s and the EU’s average. In July 2021, the euro area seasonally-adjusted unemployment rate was 7.6%, down from 7.8% in June 2021 and from 8.4% in July 2020. The EU unemployment rate was 6.9% in July 2021, down from 7.1% in June 2021 and from 7.6% in July 2020.

Source: Cyprus News Agency

Cyprus GDP growth rate in real terms is estimated at 12.9% for the second quarter of 2021, based on seasonally and working day adjusted data, according to data released Wednesday by the Statistical Service of Cyprus.

The GDP growth rate in real terms during the second quarter of 2021 is positive and it is estimated at 12.8% over the corresponding quarter of 2020, before the adjustments.

This is the first quarter in which a positive growth rate is recorded on an annual basis after the onset of the pandemic. The first quarter of 2020 was the last in which there was a GDP growth and had risen to 1.1%. The first lockdown in the second quarter of 2020 was followed by a large drop of 12.6% while GDP had a negative sign for the next three quarters.

Source: Cyprus News Agency

Minister of Energy, Commerce and Industry of the Republic of Cyprus, Natasa Pilides, and the Minister of Energy of the State of Israel, Karine Elharrar, reaffirmed the two countries’ excellent bilateral relations, especially in the field of energy in a virtual meeting held Wednesday.

According to a PIO press release, during the meeting, Ministers Pilides and Elharrar focussed their discussion on the mutually beneficial energy collaboration between Cyprus and Israel, going over the next steps in the joint promotion of common projects, such as the EuroAsia Interconnector electricity cable, as well as the two countries’ active participation in the East Mediterranean Gas Forum, intended to foster multilateral cooperation in the region.

Source: Cyprus News Agency

The interest rate on loans for house purchase followed an upward trend in July, while the interest rate on consumer credit dropped, according to data released Wednesday by the Central Bank of Cyprus, on interest rates on new deposit and loan contracts, including contracts which were renegotiated.

Total new loans decreased by €167.2 mn compared with June.

Regarding lending rates, the interest rate on consumer credit fell to 3.03% compared with to 3.14% in the previous month.

The interest rate on loans for house purchase rose to 2.21%, from 2.13% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million increased to 3.30%, compared with 3.20% in the June. The interest rate on loans to non-financial corporations for amounts over €1 million registered remain unchanged at 3.16%.

Source: Cyprus News Agency