Category: Market

The total imports in Cyprus in February and March 2021 recorded a decrease, according to the Foreign Trade Statistics released Monday by the CyStat.

 

In particular, the total imports of goods (from EU Member States and from third countries) amounted to €738,4 mn in February 2021 as compared to €752,7 mn in February 2020, recording a decrease of 1,9%.

 

Exports of domestically produced products, including stores and provisions, in February 2021 were €110,6 mn as compared to €90,3 mn in February 2020, recording an increase of 22,5%.

 

 

 

Source: Cyprus News Agency

The issue of security and security guaranties will have to come out in a comprehensive settlement of the Cyprus problem, said Stéphane Dujarric, Spokesperson for the United Nations Secretary-General António Guterres.

In a press conference in Geneva on Thursday, Dujarric was asked if, during the Cyprus informal talks last week in Geneva, the SG believes that the Greek Cypriot and Turkish Cypriot delegations and the three Guarantor Power delegations are negotiating in good faith and what is the latter’s view of the Turkish Cypriot leader [Ersin] Tatar’s proposal for a two-state solution.

Dujarric said he had nothing really to add to the talks to what the Secretary-General said at the end of the press conference in Geneva, and said the “answers to your questions are there”.

 

Source: Cyprus News Agency

In March 2021, the seasonally adjusted volume of retail trade rose by 2.7% in the euro area and by 2.6% in the EU, compared with February 2021, according to estimates from Eurostat, the statistical office of the European Union. In February 2021, the retail trade volume increased by 4.2% in the euro area and by 3.8% in the EU. In March 2021 compared with March 2020, the calendar adjusted volume of retail trade increased by 12.0% in the euro area and by 11.6% in the EU.

In the euro area in March 2021, compared with February 2021, the volume of retail trade increased by 4.6% for non-food products and by 1.0% for food, drinks and tobacco, while it decreased by 2.9% for automotive fuels. In the EU the volume of retail trade increased by 4.2% for non-food products and by 0.8% for food, drinks and tobacco, while it decreased by 2.3% for automotive fuels. Among Member States for w

 

Source: Cyprus News Agency

The EU’s fuel supply was adversely affected by the COVID19 lockdown measures, according to Eurostat, the statistical office of the EU.

According to Eurostat, the oil industry was affected most by the pandemic and striking differences between 2020 and 2019 were evident. The most dramatic differences were seen in the deliveries of fuels for transport.

In April 2020, deliveries of kerosene-type jet fuel dropped by more than 80% compared to the same month in 2019, while motor gasoline recorded a drop of nearly 50%.

Gas oil and diesel oil also recorded a decrease of 20% over the same period. The reintroduction of restrictions by many Member States in autumn 2020 did not influence the deliveries of these fuels as much.

Natural gas is used in the production of electricity and heat, and in the EU, close to a quarter of all electricity p

 

Source: Cyprus News Agency

The number of registered unemployed increased by 12.6% on an annual basis in April 2021, the Statistical Service of Cyprus announced on Thursday.

The unemployed persons, registered at the District Labor Offices on the last day of April 2021, reached 32,186 persons. Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for April 2021 increased to 34,288 persons in comparison to 31,673 in the previous month.

In comparison with April 2020, an increase of 3,595 persons or 12,6% was recorded, attributed mainly to the sector of trade (an increase of 1,168), construction (an increase of 840), professional, scientific and technical activities (an increase of 411), manufacturing (an increase of 404), education (an increase of 346) and to the newcomers in the labor market (an increase of 1,076).

 

Source: Cyprus News Agency

Cyprus’ National Recovery and Resilience Plan, the blueprint aiming to absorb over €1 billion from the EU’s Recovery and Resilience Fund (Next Generation EU), will be submitted to the cabinet next week for approval, Minister of Finance Constantinos Petrides said on Thursday, stressing that structural reforms that come as a condition to the funds’ disbursement should be approved by the parliament.

In statements to the press following a meeting with ruling right-wing DISY party Deputy President and former FinMin Harris Georgiades, Petrides described the National Recovery and Resilience Plan as “the main weapon for the economic counteroffensive for the next five to six years, shaping the economy’s grow model.”

Asked on the conditions for the successful funds’ disbursements, Petrides said the EU has set out two provisions, the approval of the National Plan and

 

Source: Cyprus News Agency

Inflation in Cyprus increased in April 2021 by 1.6%, in relation to the corresponding month of 2020, mainly due to increase in petroleum and electricity. It is the first month of inflation since the outbreak of the pandemic in Cyprus in March 2020.

Deflation of 1.21% was recorded in April 2020, while deflationary pressures continued until March 2021.

According to a press release issued on Thursday by the Statistical Service of Cyprus, in April 2021, the Consumer Price Index increased by 0.82 units and reached 101.43 units compared to 101,61 units in March 2021.

For the period January-April 2021, the CPI decreased by 0.7% compared to the corresponding period of the previous year.

As regards the economic origin, the largest change when compared to the index of April 2020 was recorded in Petroleum products (15.1%) In comparison

 

Source: Cyprus News Agency

Cyprus Hoteliers express satisfaction over the Cabinet’s decision to further relax restrictions at place to restrain the pandemic in the island and allow Cypriots to stay in the hotels.

Cyprus Hoteliers Association Director General, Philokypros Roussounides, has said the introduction of the Coronapass for Cypriots who will choose to spend their vacation in hotels in Cyprus is a positive development, noting that this creates a secure environment in which the hotels industry can operate again. The Association of Cyprus Tourist Enterprises (Stek) in a written statement also says they are pleased that as of May 10, Cypriots will be allowed to stay in hotels.

 

Source: Cyprus News Agency

A spike in renegotiated corporate loans over €1 million pushed new loan contracts in March 2021 registering a 91% increase compared with February, data published by the Central Bank of Cyprus show.

Furthermore, pure new loans in the Cyprus banking system registered an increase of 23.8% in March compared with February amounting to €255 million.

According to the CBC, housing loans rose to €85.6 million in March, accounting for one third of pure new credit of the month. Housing loans are buoyed by a government scheme subsidizing new mortgage loans as part of measures to reduce the impact of the covid pandemic.

New credit to companies over €1 million amounted to €81.7 in March, while new corporate credit to companies up to €1 million reached €57, the CBC added.

Pure consumer credit in March amounted to €14.2 million while other

 

Source: Cyprus News Agency

Industrial turnover recorded an annual decrease of 9% during the first two months of 2021, according to data released Wednesday by the Statistical Service of Cyprus.

 

In February 2021, the Industrial Turnover Index reached 124.9 units (base 2015=100), recording a decrease of 5.9% compared to February 2020. For the period January-February 2021, the index recorded a decrease of 9.0% compared to the corresponding period of the previous year.

 

For manufacturing, the Industrial Turnover Index for February 2021 reached 132.1 units (base 2015=100), recording a decrease of 1.7% compared to February 2020. Decreases of 30.4% and 2.0% were also observed in the sectors of electricity supply and mining and quarrying respectively. On the contrary, an increase of 17.8% was noted in the water supply and materials recovery sector.

Source: Cyprus News Agency