Eurostat

US Dollar consolidates gains as focus on geopolitics

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US Dollar consolidates gains as focus on geopolitics

– Growing expectations for a delay in the Federal Reserve’s policy pivot and escalating geopolitical tensions fueled an impressive US Dollar rally last week.
– Iran launched an assault with dozens of drones in retaliation to a suspected Israeli attack on Iran’s consulate in Damascus.
– UN Secretary-General Antonio Guterres condemned Iran’s drone attacks targeting Israel as a “serious escalation” and called for restraint.
– US stock index futures trade modestly higher after a sharp decline on Wall Street.
– Gold opened higher and advanced above ,370 before retreating.
– EURUSD broke below 1.0700 and stabilized around 1.0650.
– GBPUSD lost 1.5% last week and stays below 1.2500 on Monday.
– Japanese Finance Minister Shunichi Suzuki is closely watching FX moves, particularly the broad Yen weakness.
– USDJPY closed the previous week higher and continued to push higher, trading at its highest level in over three decades near 154.00.

Cyprus inflation drops to 1.6 per cent in March, according to Eurostat

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Cyprus inflation drops to 1.6 per cent in March, according to Eurostat

The Consumer Price Index (CPI) in Cyprus showed a yearly growth rate of 1.6 per cent in March, down from 2.1 per cent the previous month.

Cyprus hospitality sector is key economic contributor

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Cyprus hospitality sector is key economic contributor

The accommodation and food service sector was the second-largest contributor to both the economy and employment in Cyprus in 2021. Specifically, it accounted for 6 per cent of the added value of the business economy in Cyprus and 13.5 per cent of employment in the country.

Cyprus sees rise in hourly labour costs in 2023

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Cyprus sees rise in hourly labour costs in 2023

The hourly labour cost in Cyprus rose to €20.1 in 2023, compared to €19 in 2022. The hourly labour cost in Greece was €15.7 in 2023, among the lowest in the EU. The lowest hourly labour cost is in Bulgaria at €9.3, and the highest is in Luxembourg at €53.9. In the EU, the hourly labour cost in the industry sector was €32.2 in 2023, and in the construction sector, it was €28.5. The hourly labour cost across the entire economy increased by 5.3% in the EU and by 4.8% in the Eurozone in 2023 compared to 2022. The largest increases were recorded in Croatia, Lithuania, and Estonia. The share of non-wage costs in the total labour cost for the entire economy was 24.7% in the EU and 25.5% in the Eurozone.

Morningstar DBRS keeps Cyprus at BBB, , ‘stable’ trend

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Morningstar DBRS keeps Cyprus at BBB, , ‘stable’ trend

Morningstar DBRS has confirmed Cyprus’ sovereign ratings at BBB (high) due to strong economic growth, but warned of exposure to geopolitical shocks and constraints from a small services sector. The stable trend balances favorable economic and fiscal developments against downside risks. Economic growth is driven by tourism, ICT relocations, and investment projects, with the Central Bank forecasting GDP growth to strengthen. Public debt has decreased, with further declines projected, and interest burden offset by favorable debt profile. Challenges include non-performing loans in the banking sector and low labor productivity. The ratings are supported by a stable political environment, sound fiscal policies, and EU membership.

Easing UK inflation keeps BoE on track for rate cuts later in 2024

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Easing UK inflation keeps BoE on track for rate cuts later in 2024

British inflation slowed in February, with consumer prices rising by 3.4% in annual terms after a 4.0% increase in January. This was the weakest rate of inflation since September 2021. Core inflation, which excludes energy, food, and tobacco prices, also slowed to 4.5% from 5.1% in January. Despite the moderation, Britain still has the highest rate of headline inflation among the Group of Seven advanced economies, with consumer prices having increased by more than 21% since the end of 2020. The Bank of England (BoE) has indicated that underlying inflation pressures remain too persistent for it to cut interest rates now, although it has signaled that lower borrowing costs are likely later this year. Finance Minister Jeremy Hunt mentioned that the fall in inflation could help the government with its goal of abolishing social security taxes, provided it does not lead to increased borrowing or cuts in funding for public services.

Cyprus second in EU for social media use

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Cyprus second in EU for social media use

Cyprus ranked second in the EU for social media participation with 83% of the population actively engaged last year, above the EU average of 59%. Denmark had the highest engagement rate at 91%, followed by Cyprus, and Hungary in third with 81%. France, Germany, and Italy had the lowest participation rates at 44%, 49%, and 53% respectively. Over 50% participation was reported in 224 out of 273 EU regions, with the highest rates in Danish regions and notable engagement in Budapest, Pest, and Flevoland. Regions with participation rates below 40% were mainly in France and Germany.

Cyprus has youngest population in Europe

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Cyprus has youngest population in Europe

– Cyprus has the youngest population in the European Union.
– The median age of Cyprus’ population is 38.4 years old.
– The EU’s median age is 44.5 years old, with Italy having the oldest population at a median age of 48.4 years.
– Cyprus’ median age has increased by 2.2 years over the last decade.
– The EU’s median age has increased by 2.3 years in the same period.
– Except for Malta, Sweden, and Germany, all EU member states have seen an increase in median age over the last 10 years.
– The proportion of working-age people (aged 15-64) in Cyprus is the third lowest in the EU at 24.7%.
– Luxembourg and Ireland have lower proportions of working-age people than Cyprus, with 21.5% and 23.2% respectively.
– Portugal has the highest proportion of working-age people in the EU at 38%.

Cyprus has youngest population in Europe

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Cyprus has youngest population in Europe

– Cyprus has the youngest population in the European Union.
– The median age of Cyprus’ population is 38.4 years old.
– The EU’s median age is 44.5 years old.
– Italy has the oldest population in the EU with a median age of 48.4 years.
– Cyprus’ median age has increased by 2.2 years over the last decade.
– The EU’s median age has increased by 2.3 years in the last decade.
– The median age increased in all EU member states over the last 10 years, except for Malta and Sweden, where it decreased, and Germany, where it remained the same.
– The proportion of working-age people (15-64 years old) in Cyprus is the third lowest in the EU at 24.7%.
– Luxembourg and Ireland have lower proportions of working-age people than Cyprus, with 21.5% and 23.2%, respectively.
– Portugal has the highest proportion of working-age people in the EU at 38%.