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Cyprus News Agency: News in English, 10-11-29

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

From: The Cyprus News Agency at <>


  • [03] EU TRIO - MEETING
  • [04] QATAR - VENTURE


    After the negative record of 2009, when the GDP dropped 1.7%, the Cypriot economy returned to positive growth rates in 2010, which are expected to accelerate over the next two years and approach the average of the Eurozone countries.

    According to European Commission projections, Cyprus` GDP will rise by 0.5% in 2010, 1.5% in 2011 and 2.2% in 2012.

    Public deficit, despite the global financial crisis, will not worsen in 2010 compared to 2009, when it was around 6% of the GDP. It is expected to reach 5.9% in 2010, 5.7% in 2011 and 5.7% in 2012. All forecasts for 2012 are made based on the 2011 scenario, namely without additional measures.

    Furthermore, public debt is expected to rise in 2010, reaching 62.2% of the GDP. In 2011 it will reach 65.2% and it is expected to reach 68.4% in 2012, remaining beneath the average public debt of Eurozone countries.

    Regarding unemployment, the Commission says it is expected to drop to 5.9% in 2010, compared to 6% in 2009, and that the downward trend will continue in 2011, reaching 5.7%.

    The balance of current exchanges will continue with a deficit in 2010 and the next two years, with 6.1% of the GDP in 2010, 5.7% in 2011 and 5.4% in 2012.

    Inflation is projected at 2.8% in 2010, increasing to 3.3% in 2011 and decreasing to 2.5% in 2012.

    The Commission`s report notes that ``the global economic and financial crisis hit Cyprus through a slump in external demand`` and that ``after five quarters of contracting activity, moderate growth resumed in the first half of 2010.``

    ``Assuming that current trends continue, the economy will grow by 0.5% this year,`` the Commission adds.

    Commissioner for Economic and Monetary Affairs Olli Rehn said the forecasts were ``good news`` because recovery is secured through the increase of domestic demand, employment is improved and public deficits of EU members states continue to drop.


    Minister of Finance Charilaos Stavrakis expressed satisfaction on Monday over the projections of the European Commission concerning the rate of growth and the public finances of Cyprus.

    The Commission, he said, forecasts a public deficit of 5.9%, which is within the aims of the government for a deficit below 6%.

    Stavrakis said the Commission`s projections were ``a huge success`` for the Cypriot economy, adding that the Commission fully agrees with the government`s assessment for a growth rate of 0.5% and that in 2011 it was expected to reach 1.5%.

    Speaking at Larnaca Airport on his return from Qatar, Stavrakis said the improvement in the public deficit was the result of government efforts to cut state expenditure and staff.

    [03] EU TRIO - MEETING

    Head Coordinators of the Poland-Denmark-Cyprus EU Presidency Trio, who have met in Brussels, discussed preparations for the 18-month Trio Presidency of the Council of the EU, beginning in July 2011 with Poland.

    According to an official announcement here today, Andreas Moleskis, Head of Cyprus EU Presidency met with Polands Secretary of State for the European Affairs and Economic Policy Miko&#322;aj Dowgielewicz and Denmarks Undersecretary of State for EU Affairs, Kim J&#248;rgensen together with other trio officials.

    The meeting included a briefing on each countrys Presidency preparations, joint activities and discussions on the structure and main points of the 18-month programme, as well as the indicative timetable for its actualization.

    Moleskis confirmed that the first draft of the 18-month Trio programme is scheduled for January, after which consultations will follow, with the proposed final text expected in June.

    [04] QATAR - VENTURE

    Minister of Finance Charilaos Stavrakis returned to Cyprus from Qatar on Monday, where he held meetings with the Prime Minister, the Minister of Finance and the investment authority of the country, to discuss political and economic ties.

    Stavrakis noted that great interest was shown by the investment authority to cooperate with the public and private sector in a joint venture in Nicosia, adding that the Ministry of Finance has undertaken, in cooperation with the private sector, to draft a list of possible projects that could be co-funded.

    Asked about the value of the property to be used for the joint venture with Qatar, Stavrakis said that ``we are more optimistic at this point than when we first began the trip, and there are some convergences.``

    Chairman of the joint venture representing Cyprus Christos Mavrellis also said on Monday that he was optimistic that a golden means would be found in the issue concerning the value of the property.

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