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Cyprus News Agency: News in English, 13-02-20

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

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


CONTENTS

  • [01] Industrial turnover down by 2.8% in November 2012
  • [02] Statistical Service: Inflation at 2% in January
  • [03] Rehn praises Cypriot and Irish EU Presidencies for ‘Two Pack' deal

  • [01] Industrial turnover down by 2.8% in November 2012

    Industrial turnover was down by 2.8% in November 2012 on an annual basis, after having recorded a marginal increase of the order of 0.1% in the previous month.

    Statistical Service data published on Wednesday shows that the Industrial Turnover Index for November 2012 reached 116.1 units (base 2005=100) recording a decrease of 2.8% compared to the same period of the previous year.

    This is mainly due to the activities of the manufacturing sector, which was down by 1.8% in November 2012 compared to November 2011, reaching 106.5 units. For the period January-November 2012, the index recorded a decrease of 2.2% compared to the same period of the previous year.

    [02] Statistical Service: Inflation at 2% in January

    Inflation in January was recorded at 2% compared to 1.5% in December, Cyprus Statistical Service data shows.

    January's percentage is the highest since October last whilst it is also the first increase harmonised inflation has recorded since August 2012 when it had soared to 4.5%.

    At the last quarter of 2012 inflation levels followed a downward trend. In November 2012 inflation stood as low as 1.4%, the lowest level since November 2009 when it was recorded at 1%.

    [03] Rehn praises Cypriot and Irish EU Presidencies for ‘Two Pack' deal

    European Commission Vice President Olli Rehn has thanked the Cyprus and the Irish EU Presidencies for their significant efforts in reaching an agreement concerning the ‘Two Pack' legislation on the economic governance in the Euro area.

    The agreement reached between the European Parliament and the member states was characterized by Rehn as an "important step" in deepening Euro area integration. It consists of two regulations, that together with the so-called ‘Six Pack' agreed in 2011, complete the set of rules for the EU's stricter fiscal supervision and discipline.

    The approval of the ‘Two Pack' proposal, presented by the Commission last November, consists of two regulations, one with special measures for monitoring and assessing plans of countries with high, excessive government deficits, and another with special measures for countries experiencing severe financial difficulties, such as those emerging from an EU-IMF program.


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