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Cyprus News Agency: News in English, 08-02-21

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

From: The Cyprus News Agency at <>


  • [01] EU - ECONOMY

  • [01] EU - ECONOMY

    Economic growth is expected to slow to 2.0% this year in the European Union (1.8% in the euro area) as some of the downside risks, identified in the autumn forecasting exercise the ongoing financial turmoil, a sharp slowdown in the US, and high commodity prices have materialised, the European Commission has said. It added that ``this is 0.4 percentage point less, for both areas, than forecast in November. Inflation this year is expected to average 2.9% in the EU and 2.6% in the euro area following the strong rise in food and energy prices. This is a percentage point more than compared to the previous forecast. But inflation is expected to return to more normal levels in the last quarter of 2008.``

    ``Europe clearly begins to feel the impact of the global headwinds in terms of lower growth and higher inflation. Its increased resilience, thanks to the reforms already carried out, together with sound fundamentals, do help weather the storm. Past efforts to achieve budgetary balance or surpluses also pay off as automatic stabilisers can now play their full role in most cases`` the EC press release added. But, it noted, ``overall, the best way to cope with the current shocks facing the global economy is to maintain the course of structural reforms, sound and stable macro-economic policies and to deliver rapidly the follow-up actions to the financial turmoil as agreed in the October Ecofin roadmap,`` said Joaquin Almunia, Economic and Monetary Affairs Commissioner.``

    he projections for consumer price inflation have been revised upwards by 0.5 pp. for 2008 in both areas: to 2.9% in the EU and 2.6% in the euro area. This upward revision is broad-based across most of the seven largest EU economies on account of higher oil prices. By the end of 2008 though, inflation should be back to just above 2% in the EU (just above 2% in the euro area), as foreseen in autumn, if, as assumed, food and commodity price inflation taper off, the European Commission concluded.


    Over 270,000 passengers traveled through Cyprus` airports during January 2008, recording an increase of 2.59% compared to January 2007, according to a Hermes Airports press release. Regarding Larnaca Airport, passenger movement exceeded 224,000, recording an increase of 3.58% compared to January 2007, while for Paphos Airport passengers exceeded 55,000.

    According to acting First Executive Director for Hermes Airports, Henry de la Monneraye, this was a good start to the new year, adding that Hermes Airports looks forward to even better services to travelers with the new terminals in Paphos and Larnaca, in November 2008 and November 2009 respectively. The press release says that over 7 million passengers used the country`s airports in 2007, which translates into an increase of 3.94% compared to 2006. Over 5 million passengers used Larnaca Airport and 1.7 million traveled through Paphos Airport.

    Hermes Airports has also announced that Aegean Airlines will be adding new flights to its schedule connecting Greece and Cyprus. The new flights concern connections between Larnaca and Athens, Salonica, Heracleon and Rhodes. Furthermore, Romanian low cost Blue Air, based in Baneasa Airport in Bucharest, will begin scheduled flights connecting Cyprus and Romania, aiming at satisfying an increased demand for the route.


    The new Programmes for Research, Technological Development and Innovation in Cyprus, to be implemented during the period 2008-2010, will provide funds worth 160 million euro. Presenting the new Programmes, President of the Board of Directors of the Research Promotion Foundation, Director General of the Planning Bureau Andreas Moleskis has said that this set of Programmes constitutes a medium-term mechanism to implement the strategic goals of the Foundation.

    He also noted that this set of Programmes complies with proposed goals and aims, with European policy on issues of Research, the Technological Development and Innovation, as it defined in the decisions of the European Councils and in particular the Lisbon Treaty. The programmes will fund projects worth 160 million euro, of which 120 million is the contribution of the Foundation. This amount comes from the Development Budget of the state, the Regional Development Fund and the EU Structural Funds which are used for the first time for expenses towards research, technological development and innovation. The programmes will also support the creation and development of new infrastructure worth 50 million euro.

    Finance Minister Michalis Sarris praised the work of the Foundation, noting that the announcement of this new set of Programmes marks an additional step towards the right direction. Director General of the Foundation Achilleas Patzinakos assured the research and scientific community of Cyprus that the Foundation will intensify its efforts to further promote and upgrade research and innovation in Cyprus.

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