WEDNESDAY, 23 JAN 2019

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
GloriaJeans_266x90px
IMH LTD

Cyprus Ready to Contribute for Better Results in the EU -Arab States Summit

Cypriot, Greek and Israeli Diaspora Leaders Meet February in Jerusalem

IMH LTD
GAP_Group_2018_468x60px

ECONOMY

Cyprus Records -€1.1 Billion Current Account Deficit in Q4 2017

Cyprus Records -€1.1 Billion Current Account Deficit in Q4 2017

The EU28 seasonally adjusted current account of the balance of payments recorded a surplus of €63.5 billion (1.6% of GDP) in the fourth quarter of 2017, down from a surplus of €67.4 billion (1.8% of GDP) in the third quarter of 2017 and from a surplus of €64.4 billion (1.7% of GDP) in the fourth quarter of 2016, according to estimates released by Eurostat, the statistical office of the European Union. In the same quarter Cyprus recorded a deficit of -€1.1billion, compared to a deficit of -€0.4billion in the third quarter and -€0.9billion in the last quarter of 2016, the Cyprus News Agency reports.

In the EU28, during the fourth quarter of 2017 compared with the third quarter of 2017, based on seasonally adjusted data, the surplus of the goods account increased (+€40.9 bn compared to +€40.3 bn), while the surplus of the services account decreased (+€49.7 bn compared to +€50.1 bn). The primary income account turned from balance into a deficit (-€4.1 bn compared to €0.0 bn). The deficit of the secondary income account increased slightly (-€23.0 bn compared to -€22.9 bn), while the deficit of the capital account decreased (-€3.9 bn compared to -€6.4 bn). In Cyprus the trade in services balance was positive at €0.9billion in the forth quarter of 2017, while it was €1.5billion in the third quarter and €0.6 billion in the forth quarter of 2016.

In the fourth quarter of 2017, based on non-seasonally adjusted data, the EU28 recorded external current account surpluses with the USA (+€52.5 bn), Switzerland (+€14.8 bn), offshore financial centres (+€13.6 bn), Brazil (+€7.9 bn), Canada (+€7.3 bn), Hong Kong (+€6.1 bn) and India (+€0.9 bn). Deficits were registered with China (-€27.4 bn), Russia (-€6.5 bn) and Japan (-€0.9 bn).

Based on non-seasonally adjusted data, direct investment assets of the EU28 increased in the fourth quarter of 2017 by €73.5 bn, as did direct investment liabilities by €77.0 bn. As a result, the EU28 was a net recipient of direct investment in the fourth quarter of 2017 by €3.5 bn. Portfolio investment recorded a net outflow of €21.7 bn, and for other investment there was a net outflow of €98.6 bn.

MORE ON ECONOMY

Funds For ESTIA Scheme Released by Majority Vote

Parliamentary Committee on Financial and Budgetary Affairs has released the funds for the ...

Review of the Cypriot Banking Sector for 2018

Assessing the current state of the Cypriot banking sector, one could say that 2018 was a ...

Inflation Increases by 0.8% in 2018

In December 2018 the Harmonized Index of Consumer Prices increased by 1.0% compared to ...

FROM AROUND GOLDNEWS

   

Cypriot, Greek and Israeli Diaspora Leaders Meet February in Jerusalem

Cypriot, Greek and Israeli diaspora leaders are set to meet trilaterally in Jerusalem, between February 24 and 26. Presidential Commissioner Photis Photiou ...
   

Baker Tilly South East Europe: New Substance Requirements in Offshore Financial Centers

Under the OECD’s and EU’s influence and in an attempt to get rid of their status as “bad” jurisdictions, long established island ...
   

EY: Technology and Innovation are Key to Drive Agile Growth for Insurance Companies

Global insurance sector growth is expected to remain weak, and companies must focus on technology and innovative initiatives that optimize costs, drive wider ...
   

DP World Limassol: New Investments Enhance Efficiency and Safety of Port Operations

DP World Limassol has acquired a range of new equipment as part of an ongoing upgrade of the Limassol port infrastructure. A new, high-tech mobile harbour ...
   

Emirates Introduces Entertainment Playlist Syncing Ahead of Travel

Emirates has introduced an innovative new function on its app to allow customers to create bespoke playlists ahead of their flight and sync it to their seats ...
   

The New Power Station Foundation Stone Laying Ceremony

The New Power Station of Power Energy Cyprus (P.E.C.) Ltd is now a fact and its construction is proceeding fast. The Power Plant aspires to become the first ...
   

Cyprus Ready to Contribute for Better Results in the EU -Arab States Summit

Foreign Minister Nikos Christodoulides expressed the readiness of the Republic of Cyprus to contribute to achieving substantial results during the EU summit ...
   

Trade Deficit Down by 12.8% in January – October 2018

Trade deficit declined 12.8% in the period January - October, according to data released Monday by the Statistical Service of Cyprus.   Trade deficit ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Gold_Digital_Edition_300x250px

IMH LTD