Day: September 30, 2021

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Deputy Minister for Shipping praises seafarers as the unsung heroes of world trade

The World Shipping Day constitutes an opportunity to show appreciation to Seafarers, the unsung heroes who contribute to the smooth functioning of world trade, Deputy Minister for Shipping Vassilis Demetriades has said on the occasion of the World Shipping Day 2021, dedicated to Seafarers.

The International Maritime Organisation dedicated the 2021 World Shipping Day to the seafarers under the title “Seafarers: at the core of the shipping’s future.”

In his message, Demetriades noted that Cyprus has proved its sensitivity with promoting crew changes and vaccination of seafarers in the midst of the Covid pandemic, stating our obligation is to highlight the importance of the seafarer’s profession through targeted actions.

Source: Cyprus News Agency

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Revenue from tourism increased significantly in July

Revenue from tourism reached €245.7 mn in July 2021 compared to €42.5 mn in July 2020, recording an increase of 478.1%, on the basis of the results of the Passenger Survey carried out by the Statistical Service of Cyprus

As compared to the revenue from tourism for July 2019 (€422.0 mn), there was a decrease of 41.8%.

Compared to June 2021 when revenues amounted to € 135.8, an increase of 81% was recorded.

For the period of January – July 2021, revenue from tourism is estimated at €504.5 mn compared to €164.5 mn in the corresponding period of 2020, recording an increase of 206.7% and a decrease of 64,6% compared to January-July 2019 (€1,425.2 mn).

Source: Cyprus News Agency

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NPLs decrease by €142 million in Q2, NPLs to total loans ratio down to 17.6%

Non-performing loans (NPLs) decreased by €142 million or 2.8% in aggregate at the end of June 2021, compared with the end of March 2021, the Central Bank of Cyprus (CBC) said Thursday.

“Total loans decreased by €242 million or 0.8% from €28.633 million at end-March 2021 to €28.391 million at the end of June 2021. As a result, a decrease in the ratio of NPLs to total loans was recorded from 17.9% at end-March 2021 to 17.6% at the end of June 2021”, said the Central Bank.

The coverage ratio stood at 46.8% at the end of June 2021 compared with 47.2% at the end of March 2021, it added.

The CBC noted that between 31.12.2014 and 30.06.2021, there has been an overall reduction in NPLs of €22,3 billion or 81.8%.

“The downward trend in NPLs exhibited in the second quarter of 2021 can be attributed, by order of significance

Source: Cyprus News Agency

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Industrial Output prices up 11.2% in August

The Index of Industrial Output Prices for August 2021 recorded an annual increase of 11.2%, according to a press release by the Statistical Service of Cyprus.

The Index of Industrial Output Prices for August 2021 reached 110.0 units (base 2015=100), recording an increase of 0.2% compared to July 2021. Compared to the corresponding month of the previous year, the index recorded an increase of 11.2%. For the period January-August 2021, the index showed an increase of 3.6% compared to the corresponding period of 2020.

In August 2021 compared to July 2021, the index remained stable in the sectors of mining and quarrying and electricity supply, while it showed a rise in the sectors of water supply and materials recovery by 0.3% and of manufacturing by 0.2%.

Source: Cyprus News Agency