Housing prices up during Q3 of 2022
House Price Index (HPI) recorded an increase of 5.3% the third quarter of 2022, compared to the same quarter of 2021, according to preliminary estimate published by the Statistical Service on Tuesday. HPI for the thrird quarter of 2022 amounts to 112.51 units. Compared to the second quarter of 2022, the HPI increased by 5.8%. House […]
CBC: GDP growth at 5.8% in 2022, down to 2.5% in 2023
Economic growth for 2022 is expected to reach 5.8%, while GDP is expected to slow down to 2.5% in 2023 and grow by 3.1% in 2024 and 2025, according to the Central Bank’s macroeconomic projections. The CBC in its December 2022 medium-term projections for the main macroeconomic variables in Cyprus for 2022-2025, released on Friday, […]
GDP growth rate estimated at 5.4% in Q3
Τhe GDP growth rate in real terms during the third quarter of 2022 is positive and is estimated at 5.5% over the corresponding quarter of 2021, the Cyprus Statistical Service said on Thursday. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 5.4%. According to CyStat the positive GDP […]
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 […]