Cyprus

In the fourth quarter of 2021, the hourly labour costs (total cost) in Cyprus increased by 1.6%, compared with the same quarter of the previous year, the island’s Statistical Services’ (CyStat) provisional data showed. In the third quarter of 2021, the hourly labour cost increased by 7.8%. The two main components of labour costs, wages and salaries per hour worked and non-wage

The Cyprus Securities and Exchange Commission (CySEC) is strengthening its regulatory role with the aim to further ensure investors protection. The country’s top securities watchdog’s crackdown on bad practices comes as some financial firms continue client solicitation and aggressive marketing practices. At a press conference on Feb.1, CySEC pointed out that in 2021 fines totalling over €1.34m were applied, with the vast majority relating

The total sales of petroleum products in Cyprus took off in November, as they amounted to 115.658 tonnes, recording a rise of 24.9% compared to the same month in 2020. Sales got a boost from the aviation sector, which had been grounded for most of 2020 due to lockdowns. Within Europe, air travel has risen in recent months, and as COVID restrictions

The economy of Cyprus is recovering faster than expected and real Gross Domestic Product (GDP) is on track to reach pre-pandemic levels by Q4 2021, DBRS Morningstar said on Thursday (Nov.18). The Canada-based credit ratings agency in its commentary report also notes that compared with other southern European economies, which also have important tourism-related activities, Cyprus’ recovery has out-performed all but Greece.

The investment funds sector in Cyprus continues to grow. The value of Total Assets Under Management stood at €10.7bn in the second quarter of 2021, recording a 9% increase over the first quarter of the year, according to the latest Quarterly Statistics bulletin published by the Cyprus Securities and Exchange Commission (CySEC). During the same period, the number of funds licensed by

Cypriot banks expect stricter lending criteria for households but not for Covid-affected businesses while preparing for an increase in demand in all categories of loans for the second quarter of 2021, the Central Bank of Cyprus (CBC) said in its Bank Lending Survey (BLS) for the first quarter of 2021 published on Tuesday (August 24). The CBC said that the strengthening of

The number of housing transactions in Cyprus dropped by 23.3% last year, the sharpest fall among the 13 EU member countries for which data are available, Eurostat data showed. The EU’s statistical office noted that in 2020, the number of housing transactions decreased in several EU countries compared to 2019 despite a continued upwards trend in house prices. This drop in the