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Cyprus News Agency: News in English, 11-05-17

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

From: The Cyprus News Agency at <>




    Government Spokesman Stephanos Stephanou has assured that the government is monitoring the economic situation and is working to improve public finances.

    In statements Tuesday on the economy, the Spokesman referred to Cyprus budget deficit, noting that the governments target and its commitment to the EU is to achieve 4,5%, which seems to deviate from the European Commissions forecast of 5,1%.

    The European Commission forecasts 5,1% while our target was 4,5%. This is a difference of 100 million euro. We have said that this difference is manageable because we firmly believe that through economic growth and the implementation of the economic package of measures we announced last December, we will be able to meet our EU targets, he went on to say.

    Noting that the world economy as well as the European economy are going through difficult times, Stephanou recalled that the government announced Monday a series of agreements which aim to boost the tourist industry.

    Referring to tourism, Stephanou said that in the first four months of 2011 an increase of 17,6% in the number of tourists was recorded.

    He also said that the governments goal is to fully implement the economic package which provides, inter alia, for a 35 million euro contribution by civil servants to public finances for 2011 and 2012.

    Stephanou said that the government takes into consideration the welfare of its citizens and referred to a number of measures taken in the framework of government social policy.


    Minister of Commerce, Industry and Tourism Antonis Paschalides said on Tuesday that the government was not resting on its laurels regarding the use of renewable energy sources but was continuing efforts to exploit Cyprus` potential in the use of renewable energy sources in the most efficient way.

    Speaking at the inauguration of a photovoltaic park in the village of Pahna in the Limassol District, Paschalides said the park had a capacity of 149.68 kilowatts and that the project, with a budget of 560,000 EUR, is expected to produce 232 megawatts annually and to contribute to the reduction of carbon dioxide emissions by 215,000 kilos per year.

    Paschalides said efforts were continuing to encourage the use of other forms of renewable energy systems, with aeolian parks, units to process biomass and biogas, and heliothermic plants, alongside subsidies to encourage heating and cooling installations with the use of renewable energy sources, such as solar and biomass systems, and heat pumps with geo-alternators.


    Cypriots go to the polls on Sunday to elect the 56 members of the new House of Representatives, who will serve a five-year term. This is the tenth parliamentary poll since the establishment of the Republic of Cyprus in 1960.

    In an interview with CNA, Head of the Election Service Demetris Demetriou said that the final results are expected to be announced by 2200 local time (1900 GMT), with regard to the share of the vote each political party or coalition of parties or independent candidates secure. The number of parliamentary seats per electoral district, as allocated in the first distribution of seats, is also expected to be announced before midnight Sunday.

    The counting of votes will take place at the polling stations as soon as voting is completed. The first results are expected to come from Paphos where there are 30 small polling stations, each with around 40 voters.

    According to Demetriou, a total of 531,136 persons will vote in Sunday`s elections, namely 191,517 for Nicosia Electoral District, 109,294 for Limassol, 107,913 for Famagusta, 53,598 for Larnaca, 40,534 for Paphos and 28,280 for Kyrenia. Nicosia elects 20 MPs, Limassol 12, Famagusta 11, Larnaca 6, Paphos 4 and Kyrenia 3.


    The central governments accounts for the first four months of 2011 show that fiscal deficit has reached 384 million euro or 2.09% of GDP, compared to 154,7 million euro or 0.89% of GDP in the corresponding period of 2010.

    According to data released by the Ministry of Finance, revenue between January April 2011 recorded a decrease of 2.37% (46.2 million euro) compared to the corresponding period of 2010. Tax revenue recorded a decrease of 0.71% compared to the corresponding first four months of 2010, while revenue from direct taxes recorded a decrease of 1.89%. Income tax revenue in the first four months of 2011 showed an increase of 4.54%, compared to the same period last year.

    Consumer tax revenue increased by 12.02% compared to last year, while VAT revenue fell by 1.04%. According to the same data, public expenses in the first four months of 2011 rose by 9.93%. Salary and wages expenses showed an increase of 4.48%, while payments to the Social Security Fund rose by 10.16%.

    Primary balance shows a deficit of 192 million euro compared to 33.2 million euro in the first four months of 2010.

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