Updates from Cyprus
Motor vehicle registrations followed a downward path in the period of January – August 2021 despite the economic recovery this year following the downturn last year due to Covid.
According to data released by the Statistical Service of Cyprus (Cystat) the total registrations of motor vehicles decreased by 2.4% to 24,372 in January-August 2021, from 24,969 in January-August last year.
Source: Cyprus News Agency
GDP in Cyprus rose by a mere 0.2% during the second quarter of 2021 when compared to the previous quarter, but rose by 12.9% compared to the same time last year, according to the latest estimates released by Eurostat, the statistical office of the European Union.
Cypriot GDP had increased by 9.4% during the 3rd quarter of 2020 compared to the previous quarter, but the increase by quarter had slowed down during the 4th quarter (1.3%) of the same year and during the 1st quarter of 2021 (1.7%).
Compared to the same period last year, Cyprus’s GDP had shrunk by 4.5% during the 3rd quarter of 2020, by 4.4% during the 4th quarter of the same year and by 2.1% during the 1st quarter of 2021.
The same estimates show that the growth rate of employment in persons remained low in Cyprus d
Source: Cyprus News Agency
The banking sector is facing multiple challenges ranging from the large percentage of non-performing loans (NPLs) to climate change, despite progress made over the past years, speakers at the Annual General Meeting of the Association of Cyprus Banks that took place on Wednesday, underlined.
Finance Minister Constantinos Petrides said that despite the fact that the pandemic isn’t over yet, the progress of the Cypriot banking sector is already remarkable and is steadily moving towards sustainability. Nevertheless, Petrides noted, “the challenges for the banking sector remain”, noting that the size of Non-Performing Loans is still large both relative to the size of the economy and the relevant European index.
Source: Cyprus News Agency
International credit rating agency DBRS Morning Star projects that the Cypriot economy’s growth rate will be at 4.3% in 2021 and will recede slightly at 4.1% in 2022.
The projections are included in a commentary on the baseline macroeconomic scenarios for rated sovereigns which it published on Wednesday.
The credit rating agency’s basis scenario for Cyprus is more conservative than an estimate by the Ministry of Finance following the publication of official data for the GDP growth in the second quarter of 2021, that growth is expected to be significantly greater than an initial estimate of 3.7% or an estimate by the Minister of Finance Constantinos Petrides that growth rate for the year will be over 5.5%.
On unemployment in Cyprus the rating agency projects that it will be 7.8% this year and will drop to 7% in 2022.
In general,
Source: Cyprus News Agency
The continent of the future is Africa, said on Wednesday Patriarch of Alexandria and all Africa, Theodoros II, stressing that Africa can help and feed its millions of people.
He made the remark after meeting Interior Minister Nicos Nouris who said that the two discussed the problem that is troubling humanity, ie the movement of populations between continents.
Welcoming the Patriarch, Nouris described Theodoros II as “enlightened”, a person who is giving not only to the Church but also to culture, education and health throughout Africa.
Source: Cyprus News Agency
Cyprus Police reported 24 individuals and 1 shop owner for violation of protective measures to contain the spread of the Covid pandemic.
A Police spokesperson told CNA that in the last 24 hours ending on 6:00 local time Wednesday, the Force carried out a total of 3,233 checks throughout the government-controlled areas.
In Nicosia, the Police carried out 1,044 checks reporting 4 individuals, in Limassol 361 checks were carried out with 8 individuals reported, in Larnaca 5 individuals were reported following 694 checks, in Pafos 4 individuals and 1 shop owner were reported after 126 checks, in Famagusta 470 checks were carried out with 3 individuals reported, while 189 checks were made in Morphou with no fines issued.
Source: Cyprus News Agency
“The unprecedented new reality we are experiencing for more than a year now due to the pandemic, stresses the need to intensify efforts towards achieving sustainable development”, said President of the House of Representatives Annita Demetriou.
She was addressing on Tuesday the 5th World conference of Speakers of Parliament, held in Austria and organised by the IPU and the Parliament of Austria in cooperation with the UN.
In her speech during the segment on “The post-pandemic recovery: Transforming the economy to combat climate change and promote sustainable development”, Demetriou said that establishing the necessary political and socio-economic conditions which will lead to stability, economic growth and environmental preservation, is the best way forward.
Source: Cyprus News Agency
Cyprus House President, Annita Demetriou, had on Wednesday in Vienna separate meetings with her counterparts of Slovenia, Egypt, Serbia and India as well as with the President of the Parliamentary Assembly of the Mediterranean whom she briefed on the latest developments in the Cyprus issue and the escalating Turkish provocative actions in the fenced off part of the city of Famagusta, known as Varosha.
According to a House press release, Demetriou, who visited Vienna to attend the 5th World Conference of Speakers of Parliament discussed with her interlocutors ways of further strengthening and enhancing the cooperation of the Cyprus House with the parliaments of their countries, especially in the post-pandemic era, and expressed her readiness to work in this direction and contribute with concrete actions.
The House President underlined the importance of promot
Source: Cyprus News Agency
The European Court of Auditors (ECA) will publish a special report on September 15th, assessing post programme surveillance for Member States that received financial assistance after the 2008 crisis.
The report covers post-programme surveillance for Cyprus, Greece, Ireland, Portugal and Spain, which together received a total of 468.2 billion euros in financial assistance via various mechanism from 2010 to 2013.
Source: Cyprus News Agency
European Commissioner on Enlargement and Neighbourhood issues Olivér Várhelyi did discuss issues related to Cyprus during his two day visit to Ankara, but there was no in-depth discussion on the matter, according to a source in the Commission.
During his two day visit to Ankara on September 6th and 7th, Várhelyi met presidential advisor and spokesperson Ibrahim Kalin, as well as with Foreign Minister Mevlut Çavusoglu, deputy Minister for EU Affairs Faruk Kaymakci, Trade Minister Mehmet Mus and Interior Minister Süleyman Soylu.
Várhelyi reportedly pointed out during his contacts that if Turkey were to apply the current Customs Union to all Member States (i.
Source: Cyprus News Agency