ERC: Inflation at 8.6% in 2022, real GDP growth at 4.9% in 2022
Consumer Price Index inflation is forecast at 8.6% and 3.4% for 2022 and 2023, respectively, while real GDP growth in 2022 is projected at 4.9% and in 2023 is forecast at 2.4%, the Εconomics Research Centre of the University of Cyprus says. In its economic outlook issue for October 2022, it notes that real GDP […]
IMF upgraded Cypriot economy 2022 growth rate to 3.5% of GDP
The International Monetary Fund (IMF) has upgraded its forecast on the growth rate of the Cypriot economy in 2022 to 3.5% of the GDP from 2.1% that it expected in April 2022, while it downgraded its estimation for the 2023 growth rate from 2.5% to 3.5% that it expected last April. According to its World Economic […]
House prices up in Q2 2022
An acceleration in the increase of house prices was recorded in the second quarter of 2022, mainly due to increased construction costs, the Central Bank of Cyprus says, in its quarterly report on the residential property price indices for Cyprus, drafted by the Central Bank of Cyprus’s Real Estate Unit (REU). The Central Bank of Cyprus […]
Annual increase of property sales by 18% so far in 2022
Property sales increased by 18% during the first nine months of 2022, compared to the corresponding period in 2021. Also, the number of sale agreements submitted to the Land Registry Department, increased by 36%, Director of the Department, Elikkos Elia, has told Cyprus News Agency. Elia said that 10,000 sale agreements are submitted annually, as well as […]
S&P’s upgraded Cyprus credit rating to BBB
Rating agency Standard and Poor’s (S&Ps) on Friday upgraded Cyprus’ long term credit rating by one notch to BBB from BBB- assigning stable outlook, citing the economy’s resilience to external shocks and solid economic outlook. “The upgrade reflects the Cypriot economy’s relatively strong performance over the past decade and our expectation of this continuing, notwithstanding […]
Real-estate sales up 39% in first half, ‘driven mainly by domestic demand’
Real-estate sales in Cyprus rose 39 per cent in the first half of this year over the same period last year as people turn to property as a safe investment in a time of economic uncertainty. According to figures published by Phileleftheros citing the land registry department, the number of sales documents filed in the […]
IMF: Growth in Cyprus at around 2% in 2022
Growth this year will be set back by the fallout from the war in Ukraine and, with a partial recovery in exports and private consumption, is forecast at around 2 percent a press release by IMF says after the Executive Board of the International Monetary Fund concluded the Article IV consultation with Cyprus on May […]
Installation of photovoltaic systems grants increased by 50%
With a budget, increased by 40%, which has the potential to increase even further, and with increased grants by 50%, the Grant Scheme for thermal insulation on roofs and installation of photovoltaic systems in houses was announced by the Ministry of Energy, Commerce and Industry during a web conference, on Tuesday. The available budget for […]
Non-performing loans rate declines to 11.3% in February 2022
The non-performing loans rate in the Cyprus banking sector declined to 11.3% of total loans in the end of February 2022 compared with 11.7% in the end of the previous month, data released by the Central Bank of Cyprus (CBC) on Monday show. NPLs, as defined by the European Banking Authority, in February 2022 declined […]
Tourist arrivals show significant increase
The number of tourist arrivals in April 2022 recorded a significant increase compared to the same month last year. According to the Statistical Service of Cyprus, the arrivals of tourists reached 289.335 in April 2022 compared to 38.226 arrivals that were recorded in April 2021. For the period of January – April 2022, arrivals of […]