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Fitch’s rating action highlights Cyprus’ responsible fiscal management, FinMin says

LoveCyprus — Mon, 06 Apr 2020 11:06:42 +0000

The announcement of Fitch rating agency on Cyprus long term rating highlights the government’s responsible management both of the economy and the public finances under the present adverse conditions due to the coronavirus pandemic, Ministry of Finance said on Saturday.

Fitch yesterday maintained Cyprus long-term credit rating to BBB- changing the outlook to stable from positive.

“Fitch rating agency’s announcement maintaining the Republic of Cyprus credit rating under these adverse conditions, even with stable outlook, shows that the government’s responsible management of the economy and of the public finances remains the key to safeguarding macroeconomic stability,” the Ministry said in a press release.

“In these particularly difficult conditions in the global economy and international markets due to the coronavirus pandemic crisis and the economic challenges we are called on to face the Finance Ministry remains focused on maintaining the Cypriot economy’s credibility to the maximum extent and on maintaining jobs and supporting the economy,” the Ministry added.

Source: CNA

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Number of unemployed persons fall to new 10-year low in January

LoveCyprus — Thu, 06 Feb 2020 14:54:40 +0000

The number of registered unemployed in January 2020 has fallen to a new 10-year low, according to seasonally adjusted data released Wednesday by the Statistical Service of Cyprus, mainly due to the decline in the number of unemployed persons in public administration.

The unemployed persons, registered at the District Labour Offices on the last day of January 2020, reached 26,214 persons. This is the lowest number of registered unemployed for the month, since January 2011.

Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for January 2020 decreased to 19,715 persons in comparison to 20,120 in the previous month. This is the lowest number since September 2009.

In comparison with January 2019, a decrease of 4,737 persons or 15.3% was recorded, attributed mainly to the sectors of public administration (a decrease of 1,039), trade (a decrease of 620), construction (a decrease of 597), accommodation and food service activities (a decrease of 398), manufacturing (a decrease of 301), financial and insurance activities (a decrease of 256) and to newcomers in the labour market (a decrease of 842).

Source: CNA

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