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Cyprus News Agency: News in English, 08-12-11

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] CENTRAL BANK GOVERNOR - CYPRUS - FINANCIAL CRISIS
  • [02] EUROSTAT - CYPRUS - 2007 GDP

  • [01] CENTRAL BANK GOVERNOR - CYPRUS - FINANCIAL CRISIS

    Central Bank of Cyprus Governor Athanasios Orphanides said on Thursday that a special lesson for Cyprus from the global financial crisis is that, due to the adoption of the Euro, the worst for the country has been avoided, adding that although the vibrations from such a convulsion cannot leave Cyprus totally untouched, appropriate planning and prioritisation can lead to economic normality.

    Speaking on the global financial crisis and its adverse consequences on the Cypriot economy, at an event organised by the Larnaca Chamber of Commerce and Industry, Orphanides analysed the negative financial scene and its consequences, as well as projections concerning the Eurozone and the growth rate of the Cypriot economy.

    Referring to Cyprus, he said the degree of deterioration of the negative consequences and their expansion to various sectors, such as tourism and constructions, would depend on whether the global crisis would continue or not.

    [02] EUROSTAT - CYPRUS - 2007 GDP

    GDP per inhabitant in Cyprus was around the EU27 average for 2007, according to the latest statistical data released by Eurostat.

    Based on the data for 2007, Gross Domestic Product per inhabitant in Cyprus, expressed in purchasing power standards (PPS), was 91%, only nine per cent below EU27 average recording a slight increase compared to the 90% in 2006 though it is lower than the 93% estimated in June based on Eurostat first preliminary estimates for 2007.

    The Eurostat data shows that in 2007, GDP per inhabitant in Luxembourg was more than two-and-a-half times the EU27 average, while Ireland and the Netherlands recorded levels about 50% and 30% above average respectively.


    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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