The cosmetics industry in Greece is bracing for a rebound this year, as the association of the sector’s company (PSBAK) expects turnover to post a 4.5% annual increase in 2022 while remaining well below pre-pandemic figures.
ECONOMY
Cyprus’ Finance{ Ministry is scrambling for ways to push forward two foreclosure bills which have come to an awkward impasse after opposition parties blamed the administration for not doing enough to persuade the European Commission to approve an amendment to protect bad loan guarantors.
The Greek unemployment rate eased to 12.2% of the workforce in March from 12.7% in February and 16.8% in March 2021, the Hellenic Statistical Authority (ELSTAT) said on Wednesday.
Greek enterprises’ turnover grew by almost 22.2 billion euros in the first quarter of 2022, totaling €88.28 billion, from €66.11 billion in the same period last year, the Hellenic Statistical Authority (ELSTAT) said on Tuesday.
This spring’s midterm sales that ended last weekend proved unable to reverse the negative sentiment in the market since the outbreak of the war in Ukraine, which has increased inflationary pressures.
The high rates of natural gas sent the cost of Russian imports to Greece soaring in March. At the same time exports to Russia collapsed due to the sanctions the European Union has imposed on Moscow, and the problems concerning transport after the start of the war in Ukraine.
The support of salaries in Cyprus by the Cost of Living Allowance (CoLA) is expected to help the island republic outperform the eurozone in growth terms next year, according to a statement by the Cypriot Ministry of Finance on Tuesday.
The purchase of more expensive food, such as organic and supplements (whose sales increased during the pandemic), has now reversed due to the soaring inflation.
The European Commission has revised its economic projections for Cyprus, citing a downward trend due to the effects of Russia’s invasion of Ukraine and the associated sanctions against Moscow on the island’s tourism and services sector.
The expected shift in the eurozone monetary policy with the earlier-than-expected rise in interest rates due to the strong inflationary pressures adds new risks to the Greek economy.
The Single Social Security Entity (EFKA) has managed to clear out all pension applications pending since the years up to 2018.
The intention of the European Central Bank to raise its core interest rates as of July will put an end to cheap cash for enterprises and households; that will have a major impact on the vast majority of loans whose interest is linked with the Euribor rate.
The first four months of 2022 have ended with a year-on-year reduction in new car sales, while the rate of growth in imported used car sales has reached into the double digits.
Cypriot Finance Minister Constantinos Petrides warned that tackling inflation is difficult due to its structural nature amid the Ukrainian crisis.
Cyprus’ trade deficit amounted to 429 million euros in February, according to the final data on the month’s trade published by the Cypriot Statistical Service (CyStat) this week.
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