Category: Market

President of Cyprus Nicos Anastasiades said that today marks a historic day, as the foundations for the post- COVID era in Cyprus are being laid.

The President, who presented on Monday Cyprus’ National Recovery and Resilience Plan, the blueprint containing projects and reforms with a view to absorb funds from the EU’s Recovery and Resilience Fund (Next Generation EU), said that
it is an ambitious and realistic plan not only for the recovery of the economy, but also for the creation of a new vision for Cyprus.

The plan, he added, is a road map for the post-COVID era, and addresses the economic and social repercussions of the pandemic.

 

Source: Cyprus News Agency

President of Cyprus Nicos Anastasiades said that today marks a historic day, as the foundations for the post- COVID era in Cyprus are being laid.

The President, who presented on Monday Cyprus’ National Recovery and Resilience Plan, the blueprint containing projects and reforms with a view to absorb funds from the EU’s Recovery and Resilience Fund (Next Generation EU), said that
it is an ambitious and realistic plan not only for the recovery of the economy, but also for the creation of a new vision for Cyprus.

The plan, he added, is a road map for the post-COVID era, and addresses the economic and social repercussions of the pandemic.

 

Source: Cyprus News Agency

A total of 38,226 tourist arrivals were recorded in April 2021, compared to zero arrivals recorded in April 2020, a period during which measures were implemented to prevent the spread of the coronavirus pandemic (COVID-19) in Cyprus, the Statistical Service of Cyprus announced on Monday. According to these measures, there was a ban of entry to the Republic on several categories of persons, including tourists. Arrivals from Russia were the main source of tourism in April 2021.

 

Source: Cyprus News Agency

In total 15,338 residents of Cyprus returned from a trip abroad in April 2021, compared to 4,000 in the corresponding month last year, recording an increase of 283.5%, according to data released Monday by the Statistical Service of Cyprus. Compared to April 2019 there was a 86.9% decrease.

The main countries from which the residents of Cyprus returned in April 2021, were Greece with 32.3% and Russia with 10.4%.

The statistics for April 2021 were obtained from processing of the data of the electronic platform “Cyprus Flight Pass”. Due to issues that arose from the self-declared information provided by the passengers, the Statistical Service notes that it was not possible to provide a more extensive analysis.

 

Source: Cyprus News Agency

Non-performing loans (NPLs) in the Cyprus banking system rose slightly in February, due to an inflow of restructured facilities which under the EBA definition are classified as non-performing.

According to data published by the Central Bank of Cypus (CBC), NPLs in February, the second month since the termination of a broad payment holiday in December, rose slightly to €5.14 billion compared with €5.

 

Source: Cyprus News Agency

The Finance Ministry in Cyprus is awaiting word from the European Commission if a draft law providing for the Cyprus loan guarantee scheme is in line with the Commission’s policies.

The draft law forwarded to the European Commission’s Directorate General for Competition Policy on Thursday, deals with government guarantees on loans which will be granted to self-employed and businesses, totaling €1 bn.

The Cyprus News Agency has learnt that the Ministry has forwarded the draft law and the Minister of Finance decree to the European Commission’s Directorate General for Competition Policy which is set to examine whether it is in line with its state aid rules.

 

Source: Cyprus News Agency

DBRS Ratings GmbH (DBRS Morningstar) has confirmed the Republic of Cyprus’s Long-Term Foreign and Local Currency – Issuer Ratings at BBB (low). At the same time, DBRS Morningstar confirmed the Republic of Cyprus’s Short-Term Foreign and Local Currency – Issuer Ratings at R-2 (middle). The trend on all ratings, it added, is Stable.

In a statement, DBRS said that the Stable trend reflects DBRS Morningstar’s view that risks to the ratings are broadly balanced despite the considerable deterioration in economic performance and public finances caused by the global Coronavirus Disease (COVID-19).

Following a period of robust economic growth, Cypriot GDP contracted sharply by 5.1% in 2020, although less severely than the euro area. The fiscal surplus turned to a deficit of 5.8% of GDP in 2020 and the public debt-to-GDP ratio rose to a still manageable 119.1

 

Source: Cyprus News Agency

Cyprus’ National Recovery and Resilience Plan, the blueprint to absorb over €1 billion from the EU’s Recovery and Resilience Facility (RRF) is both auspicious and realistic and will serve as the enabler for the implementation of Cyprus’ new sustainable growth model, Minister of Finance Constantinos Petrides and Cyprus Economy and Competitiveness Council (ECOMPET) Chairman agreed on Thursday.

One day before the approval of the Plan by the Cabinet, Petrides met with the ECOMPET’s Chairman Takis Clerides in the presence of Andreas Assiotis, ECOMPET member and head of the steering committee for the Council’s long-term strategy for the island’s new economic model, and discussed Cyprus Recovery and Resilience Plan.

A press release issued by the FinMin, notes that the National Plan, which includes a cohesive set of reforms and investments aiming to modernise, stre

 

Source: Cyprus News Agency

A significant increase of 14.9% was recorded in vehicle registrations in the first four months of 2021, compared to the corresponding period of 2020, according to data released on Tuesday by the Statistical Service of Cyprus. At the same time, the increase reached 229.5% in April 2021 compared to April 2020, when due to the lockdown no registrations were recorded.

 

The total registrations of motor vehicles increased by 14.9% to 12,489 in January-April 2021, from 10.873 in January-April 2020.

 

Passenger saloon cars increased to 9,648 from 8,636 in January-April 2020, recording a rise of 11.7%. Of the total passenger saloon cars, 3,659 or 37.9% were new and 5,989 or 62.1% were used cars.

 

Motor coaches and buses registered in January-April 2021 decreased to 19, from 31 in the same period of 2020.

 

Goods conveyance vehicles recorded.

 

 

 

Source: Cyprus News Agency

 

The EU household saving rate continued with a large year-over-year increase in the fourth quarter of 2020, climbing 6.6 percentage points (pp) higher than it was one year ago, according to figure published today by Eurostat, the statistical service of the EU.

 

According to Eurostat, the main reason for the year-on-year increase is that household final consumption expenditure was 7.0% lower in the EU than it was one year ago. Household gross disposable income was 0.6% higher in the fourth quarter of 2020 (compared with the fourth quarter of 2019).

 

In all but one of the Member States for which data are available for the fourth quarter of 2020 the household saving rate was higher than it was one year ago. The highest year-on-year increase was observed for Slovenia (+20.8 pp), followed by Ireland (+12.8 pp), Belgium (+11.3 pp), Austria (+10.9 pp) and Greece (+10

 

 

 

Source: Cyprus News Agency