Government deficit inflated by lockdown

The general government deficit – the balance of income and expenditure – at the end of May came to €528.8 million (or 2.6% of GDP) as a result of the steep decline in tax revenue during the coronavirus-related lockdown.

General government surplus at 0.8% of GDP in Q1 2020

The general government surplus grew to 0.8% of GDP for the first quarter of 2020, according the preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (Cystat).

MoU signed for floating gas unit

Solaris Engineering (CY) Limited announced on Tuesday it has signed a Memorandum of Understanding with H4E Gasfuel Ltd to provide services for the design and construction of a floating storage and regasification unit (Fsru) for natural gas in Cyprus.

Coronavirus: Chamber of Commerce outlines measures to kickstart economy

The Cyprus Chamber of Commerce (Keve) on Sunday proposed a series of recommendations on supporting the economy to kickstart it back to life after the lockdown is gradually eased.

Oslo-based company applies to bring LNG to Cyprus from 2021

An Oslo-based company has formally applied to bring liquefied natural gas (LNG) to Cyprus starting in the first half of 2021.

Cyprus posts fiscal surplus of 0.9% of GDP in January-February

Cyprus posted a general government fiscal surplus of €212 million or 0.9% of GDP in the first two months of 2020, marking a reduction of 48% compared with the corresponding period of last year.

Government considering state guarantees to banks worth €2 billion

Amid growing calls for an internal lockdown to contain coronavirus contagion, the government was on Monday said to be preparing a revised stimulus and relief package worth some €1.5 billion, as well as a plan to guarantee up to €2 billion in bank loans to businesses and self-employed people.

Coronavirus: Cyprus economic package to amount to €1.5 billion

The finance ministry is working to finalise a revised economic support package which will amount to at least €1.5 billion, approximately 7% of GDP, reliable sources told the Cyprus News Agency (CNA) on Monday.