Economy in Cyprus

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  • Global growth will be disappointing in 2016: IMF's Lagarde

    AFGHANISTAN, 2016/01/02 World economic increase will be disappointing next year and the outlook for the medium-term has as well deteriorated, the chief of the International Monetary Fund said in a guest article for German newspaper Handelsblatt published on Wednesday. IMF Managing Director Christine Lagarde said the prospect of rising interest rates in the United States and an economic slowdown in China were contributing to uncertainty and a higher risk of economic vulnerability worldwide. Added to that, increase in world trade has slowed considerably and a decline in raw material prices is posing problems for economies based on these, while the financial sector in a lot of nations still has weaknesses and financial risks are rising in emerging markets, she said.

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  • Revised IMF forecasts signal gloom on global economic outlook

    AFGHANISTAN, 2015/01/20 Low oil prices will not provide a sufficient updraught to dispel the clouds hanging over the world economy, the International Monetary Fund said on Tuesday. In a sign of its increasing gloom about the medium term economic outlook, the IMF cut its world economic increase forecasts by 0.3 % points for both 2015 and 2016, despite believing cheaper oil represents a “shot in the arm”.

  • About one in 10 households in Cyprus has had an gain reduction of up to 50%,

    CYPRUS, 2014/06/05 About one in 10 households in Cyprus has had an gain reduction of up to 50%, while 5% say they are barely scraping by, Famagusta Gazette online reports publishing the results of a study carried out by the Cyprus Consumers' Union and Quality of Life. The Union notes that 8% of households had a reduction of 30% to 41%, 10% a reduction of 41% to 50%, and 10% a reduction of over 50% of their gain. At a press conference in Nicosia, President of the Union Lucas Aristodemou said that it appears that low gain and unemployed persons were mostly affected by the crisis.

  • Cyprus' GDP contracted by 4.1% in seasonally adjusted terms, during the 1st quarter of 2014,

    CYPRUS, 2014/06/04 Cyprus' GDP contracted by 4.1% in seasonally adjusted terms, during the 1st quarter of 2014, compared with the same quarter in 2013, which compares favorably with the prediction 4.8% annual contraction that is included in the 3rd review of the economic adjustment program, CNA reports quoting an announcement from the Finance Ministry. Unemployment, in monthly seasonally adjusted figures, increased from 14.8% in March 2013 to 17.4% in March 2014, reflecting the result of a protracted slowdown in economic activity, the Ministry said.

  • The national of Cyprus' economy is today much better than original expectations

    CYPRUS, 2014/02/23 The national of Cyprus' economy is today much better than original expectations, while the financial sector is stabilizing, the President of the Eurogroup, Joeren Dijsselbloem has told the Committee on Economic and Monetary Affairs of the European Parliament. Dijsselbloem, who participated in the debate on the role of the Troika in the nations under memorandum carried out by the European Parliament, made a general statement and answered a series of questions by MEPs as Financial Mirror online reports. Referring to Cyprus, he noted that although the economic adjustment program is at an early stage, however there have been considerable efforts in the area of reforms, and the recapitalization of the financial sector. He added that Troika's evaluations show that the situation is much better than expected, compared with that of 2013 (at the same time as the program was decided), while the financial sector is stabilizing.

  • Moody's, Cyprus vulnerable to 'major restructurings'

    CYPRUS, 2013/09/11  Cyprus is vulnerable to "major restructurings" of its deficit over the coming years, Cyprus Mail reports quoting Moody's Investors' Service as saying. Financial news portal Stockwatch reported last night that Moody's had issued a note which continued projecting Cyprus' deficit to peak at about 140% in 2016, an estimate higher than that of its bailout programme. "...Cyprus' very substantial economic and financial challenges threaten public finances sustainability and may necessitate further deficit restructurings", Moody's was quoted as saying.

  • Cyprus reveals worst economic contraction for 40 years

    CYPRUS, 2013/09/07 Cyprus has revealed that its economy is contracting faster than at any point in 40 years. Data released by the country's government showed that its economy fell 1.8 % between April and June compared with the initial quarter, which was the eighth successive quarterly fall in a row for the country. It as well announced that its economy shrank 5.9 % in the second quarter compared to the same period last year, which is in excess of the figure that had been predicted by analysts. The contraction means that the Cyprus economy is presently shrinking faster than at any point since the middle of the 1970s.

  • IMF Communications Department Director Gerry Rice

    CYPRUS, 2013/05/26 Increase in Cyprus is expected to resume in 2015, supported by a favorable international tax regime, a well-educated labor force and strong institutions, IMF Communications Department Director Gerry Rice has said. Responding to a question during a press briefing – as Famagusta Gazette reports -, Rice noted that given Cyprus' unprecedented situation involving the resolution of the two large banks, the capital controls adaptation of the business model, macroeconomic uncertainties, and risks to the outlook remain significant, adding that "that's something to which we will be paying great attention to as we move forward."
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