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Cyprus News Agency: News in English, 10-08-13

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

From: The Cyprus News Agency at <>




    Cyprus Finance Minister Charilaos Stavrakis has said that the GDP growth rate is satisfactory in relation to previous months, according to preliminary data published by the Statistical Service of the Republic.

    Speaking during a press conference, Stavrakis said that the GDP growth rate is very satisfactory`` and ``confirms government forecasts that the Cypriot economy is beginning to slowly bounce back.

    The GDP growth rate increased by 0,4% compared to the last trimester and 0.1% compared to the second trimester of 2009.

    Growth was spurred mainly by the services industry, primarily the financial services sector, although tourism and commerce have also had satisfactory progress.

    With regard to the construction industry, he said that its growth rate is still negative although it has definitely improved compared to previous months.

    Referring to public finances, Stavrakis said that fiscal adjustment is the only way ahead and an important prerequisite to boosting economic activity.

    Invited to comment on the Cyprus Central Banks projections that if the right measures are adopted, then 2010 and 2011 will be years of positive growth, Stavrakis said that they are similar to a great extent with our positions, adding that the Central Banks views will always be respected, but, he cautioned everyone to watch out for party involvement which is the worst possible thing for the economy of Cyprus, he noted.

    Minister Stavrakis further said that a targeted decrease of 1000 positions per year in the state payroll has been achieved within the first seven months of 2010.

    Public spending has also been curbed, he said, adding that similar provisions will be included in the 2011 Budget.

    With regard to unemployment, the Finance Minister said that he expects a reduction in the unemployment rate, as it usually follows GDP growth rate within a couple of months.

    Asked about the investment deal recently signed between Cyprus and Qatar for the creation of a joint venture for a major project in Nicosia, which will include a five star hotel, apartments, offices and a commercial center, he said that the property valuation procedure is going ahead.

    There is a verbal agreement over the appointment of the Cypriot surveyor and a second surveyor will be appointed by Qatar, he said.

    If there are differences between the two valuations then the two governments will proceed with negotiations to determine the property value.

    It is premature, dangerous and risky to mention numbers he said referring to the property price, reminding that if the two parties do not reach an agreement then the deal will be cancelled.

    Replying to a question about government negotiations with PASYDI (Public Servants Union), Stavrakis said that the Union has agreed to a two year freeze of salary increases, adding that if things do not improve more talks with all concerned will have to resume to decide any additional measures that may need to be taken.


    Preparations for the Cyprus EU Presidency are in full swing, according to a press release issued by the Cyprus EU Presidency Secretariat.

    According to the press release, the Secretariat and the Department of Public Administration and Personnel have completed a round of discussions with all Government Ministries and other bodies, for the appointment of Chairpersons of over 130 Working Groups to be established within the framework of the Cyprus EU Presidency.

    Ministries have submitted the names of candidates expected to chair the Councils Working Groups. Once selected, these chairpersons and other key personnel involved in the Presidency will undertake a training programme prepared by the Cyprus Academy of Public Administration.

    The training is expected to be completed by early 2011, after which many will assume posts at the Permanent Representation of Cyprus to the EU in Brussels to become acclimatised within the Council of the EU.

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