Day: January 26, 2022

Cyprus growth is expected to remain robust in 2022 as real GDP is projected to expand by 4.1%, according to “Economic Outlook” for January issued by the Economic Research Centre (CypERC) of the University of Cyprus.

Real GDP in Cyprus is estimated to have increased by 5.6% in 2021. In 2022, CPI inflation is projected at 2.6%.

According to CypERC the drivers of the outlook include the robust recovery from the pandemic crisis, the strong economic sentiment, the supportive financing conditions and the accommodative fiscal policy.

The latest COVID-19 wave, it is noted, though more aggressive in terms of the surge in infections, has not led to significant restrictions in economic activity, possibly weakening the link between growth and epidemiological conditions. Nevertheless, new virus variants leading to new infection waves remain a key source

Source: Cyprus News Agency

Water levels at the dams in Cyprus this January are the third best for the month this decade, Director of the Water Development Department, Panagiota Hadjigeorgiou, told CNA on Wednesday, expressing her satisfaction.

In statements to CNA and replying to a question about water levels in the dams Hadjigeorgiou said the water inflow during the last twenty four hours has exceeded all expectations, reaching 6 million cubic meters, and added that if the rainfall continues at the same rate the overflow of the Lefkara dam is expected by the end of the month and that of Asprokremmos dam by the end of February.

The overflow of Pomos dam, with a total capacity of 860 thousand cubic meters, was reported yesterday, while the dam of Argaka, with a capacity of 990 thousand cubic meters, had also overflowed on Sunday.

Source: Cyprus News Agency

Total non-performing loans (NPLs) in Cyprus banking sector decreased by €32 million at the end of October 2021, compared to the previous month, when total loans increased by €14 million to € 27.91 billion.

According to data released on Wednesday by the Central Bank of Cyprus, total NPLs decreased on October 2021, to €4.25 billion from € 4.29 billion at the end of September of the same year and from € 5.11 billion at the end of 2020.

As a result, the ratio of non-performing loans to total loans decreased at the end of October 2021 to 15.3%, from 15.4% in the previous month.

The coverage ratio rose to 46.5% at the end of October 2021, from 45.7% at the end of September 2021.

Total loans restructured amounted to €3.94 billion, of which €2.05 million are still classified as non-performing loans.

Source: Cyprus News Agency

Activities to support the opening of new crossing points were examined during a meeting on Wednesday between leaders and representatives of Greek Cypriot and Turkish Cypriot political parties participating in the bi-communal meetings at the Ledra Palace Hotel.

A press release said the parties “discussed the implementation of confidence-building measures within the framework of possibility of this bi-communal dialogue”.

Among the issues discussed, it added, “were activities to support the opening of new crossing points, the cooperation on health issues as well as the facilitation of movement of Cypriots through the green line”.

Source: Cyprus News Agency

Problems caused by heavy snowfall and frost in areas with high altitude are dealt with at their root, Costas Champiaouris, the Commissioner for the Development of Mountain Communities, told the Cyprus News Agency on Wednesday.

Apart from the snowfall and the frost, slippery roads are also an issue for the residents of mountain communities, said Champiaouris, adding that there were disruptions in water supply because of broken pipes, reservoirs and solar heaters, as well as power cuts in certain areas.

Champiaouris noted that his Office in cooperation with local authorities are doing their best to help people living in mountainous areas overcome the problems they are faced with.

Source: Cyprus News Agency

The Council of Ministers, decided new measures on Wednesday to contain the spread of COVID-19 which will come into effect from 28th January.

The Cabinet decided to make amendments regarding the protocol followed for close contacts, to extend the application of the test-to-stay measure to professional groups and for weekly testing for children 2-5.

In its decisions, the Cabinet decided to replace testing with PCR on the 7th day for contacts of positive cases with Rapid Tests, provided they self-isolate for 10 days.

Source: Cyprus News Agency