Category: News

Consumer prices fell 1.5% from the previous month in April, following March’s 0.1% month-on-month uptick. According to the Statistical Service of Cyprus (CYSTAT), the drop mainly reflected a sharp decline in prices for transport, and housing and utilities.

Consumer prices dipped 1.2% on an annual basis in April, after inflation had come in at 0.7% in March—marking the lowest reading in nearly four years. Meanwhile, annual average inflation ticked down to 0.0% from 0.1% in the prior month. Lastly, harmonized inflation fell to 0.1% in March (February: 1.0%), which is the latest month for which data is available.

FocusEconomics panelists project harmonized inflation to average 0.0% in 2020 and 0.6% in 2021

Source:https://www.focus-economics.com/countries/cyprus/news/inflation/consumer-prices-fall-sharply-year-on-year-in-april

Activity softened markedly in the first quarter as Covid-19 started to bite, with GDP expanding 0.9% on an annual basis in the first quarter (Q4 2019: +3.4% year-on-year)—the worst reading since Q1 2015. According to the preliminary release by the Statistical Service of Cyprus (CYSTAT), the slowdown chiefly reflected the impact of the preventive measures implemented to contain the spread of the pandemic, which suspended non-essential activities. The hospitality, manufacturing, leisure and construction industries were the hardest hit.

On a quarterly basis, the economy contracted 1.3% in Q1, following Q4 2019’s 1.0% expansion. Q1’s reading marked the worst downturn since Q2 2013.

More detailed national accounts data will be released on 29 May.

FocusEconomics panelists project GDP to increase 7.4% in 2020, which is down 4.1 percentage points from last month’s forecast, and rebound by 6.0% in 2021.

Source:https://www.focus-economics.com/countries/cyprus/news/gdp/gdp-growth-eases-to-five-year-low-in-q1

Industrial output plummeted 12.7% year-on-year in March (February: +3.8% yoy), marking the steepest drop since November 2013. March’s plunge was primarily driven by heavy drops in manufacturing and water supply production.

Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 1.1% in March, down from February’s 2.2%.

FocusEconomics Consensus Forecast participants see fixed investment plunging 12.5% in 2020, which is up 3.8 percentage points from last month’s estimate, and growing 10.5% in 2021.

Source:https://www.focus-economics.com/countries/cyprus/news/industry/industrial-production-falls-at-sharpest-rate-in-over-six-years-in

Consumer prices fell 0.1% from the previous month in May, following April’s 1.5% drop. May’s dip was mainly driven by lower prices for housing and utilities, and transport.

Consumer prices declined 1.5% on an annual basis in May, after they had dropped 1.2% in April—marking the lowest reading since June 2016. Meanwhile, the annual average variation in consumer prices dropped 0.2% in May, compared to the flat reading in April. Lastly, harmonized consumer prices tumbled 1.2% year-on-year in April (March: 0.1%), which is the latest month for which data is available.

FocusEconomics panelists project harmonized inflation to average 0.1% in 2020 and 0.5% in 2021.

Source:https://www.focus-economics.com/countries/cyprus/news/inflation/consumer-prices-fall-again-year-on-year-in-may

Industrial production slid 1.4% year-on-year in January, contrasting December’s 2.6% expansion and marking the first fall since June 2019. January’s downturn was primarily driven by sharper contractions of the water and electricity supply sectors, and a moderation in manufacturing output compared to the previous month.

Meanwhile, the annual average growth in industrial production dipped to 2.6% from December’s 3.3%.

FocusEconomics Consensus Forecast participants see fixed investment plunging 8.7% in 2020, which is down 17.6 percentage points from last month’s estimate, and growing 7.1% in 2021.

Source:https://www.focus-economics.com/countries/cyprus/news/industry/industrial-output-shrinks-at-the-turn-of-2020

Uzbekistan imported 3.27Mt of cement in 2019, down by 6.8% year-on-year from 3.51Mt in 2018. The value of cement imported fell by 13% to US$154m from US$176m. Trend newspaper has reported that cement imports from Kazakhstan fell by 32% to 0.97Mt from 1.43Mt. Imports from Tajikistan and Turkmenistan also fell, but rose by 85% from Iran, to 0.59Mt from 0.32Mt.

Uzbekistan, which has a 12.9Mt/yr installed cement production capacity, removed its zero rate of customs duty on cement in October 2019 in order to help align domestic demand with production.

https://www.globalcement.com/news/item/10563-uzbekistan-increases-iranian-cement-imports-to-the-exclusion-of-other-countries

The Armenian government has announced that it plans to extend the duration of state duties on cement imported from Iran and several other countries until 1 July 2020. The decision was made on the basis of analysis that confirmed an extension of the customs duties was appropriate. The government said that it would continue to monitor the situation.

According to the RA Statistical Committee Armenia produced 0.59Mt of cement in 2019, 8.1% more than in 2018. The RA Customs Service reported that the country imported 0.31Mt in 2019, a year-on-year increase of 70.5%.
SOurce:https://www.globalcement.com/news/item/10619-import-duties-to-continue-in-armenia