The Statistical Service in Cyprus has published the bimonthly bulletin “Monthly Economic Developments” for the period January-October 2024. The bulletin includes the most important economic developments for the Cyprus Economy for the…
Category: Economics
European Central Bank cuts interest rates
The European Central Bank is cutting interest rates for the fourth time this year. The key interest rate in the eurozone will be lowered by 0.25 percentage points, and is now at…
Technology stocks reach new heights in the US
The technology-heavy Nasdaq index in New York closed above 20,000 points for the first time on Wednesday. Expectations of a US interest rate cut have increased. This comes after inflation figures were…
UK to support Cyprus establishing unit to crack down on illicit Russian finance
The UK will support Cyprus in establishing a new National Sanctions Implementation Unit to crack down on illicit Russian finance flowing through Europe. The partnership, which was agreed with the Prime Minister…
Latest Foreign Trade Statistics for Cyprus
Total imports of goods in October 2024 were €1.209,9 mn as compared to €1.057,0 mn in October 2023, recording an increase of 14,5%. Imports from other European Union (EU) member states were…
EU agrees on 15th raft of sanctions against Russia
On Wednesday, the EU agreed on ‘sanctions package number 15’ against Russia, due to their war in Ukraine. They agreed to blacklist around 50 oil tankers from Russia’s “cloud fleet” from other…
Electricity price in Poland frozen until September 2025
Polish President Andrzej Duda signed a law that will freeze electricity prices for households at 500 Polish zlotys (approximately 123.6 U.S. dollars) per megawatt-hour (MWh) until the end of September 2025, according…
Lebanon’s real GDP is projected to decline by 6.6 percent in 2024
Lebanon’s real GDP is projected to decline by 6.6 percent in 2024 due to its conflict with Israel, bringing the cumulative GDP contraction since 2019 to over 38 percent, according to the…
China warns of tariff and trade war with the US
Donald Trump announced during his election campaign that he will impose high tariffs on goods imported from China when he becomes president. Chinese President Xi Jin Ping is critical of the tariff…
European Commission approves Estonia’s support for offshore wind farms
The European Commission has approved Estonia’s 2.6 billion euros (2.8 billion U.S. dollars) program to support offshore wind farms by offering these power plants a guaranteed price for the electricity they produce….