Economy of the European Union

The joint statement on the orientation of the eurozone's fiscal policy for 2025 satisfies Cyprus as it validates the cautious and conservative fiscal policy that Cyprus has followed so far, Minister of Finance Makis Keravnos said on Monday in Brussels, where he was attending the meeting of the Eurogroup.

Industrial production increased by 1.1 percent in January from a year ago, according to the numbers of the Turkish Statistical Institute (TÜİK).

Mining and quarrying production rose by 4.9 percent, while the annual increase in the electricity, gas, steam and air conditioning supply was 8.4 percent, TÜİK said on March 12.

National Economy and Finance Minister Kostis Hatzidakis is in Brussels for European Union ministerial meetings. On the sidelines of the sessions, Hatzidakis is to meet European officials. Hatzidakis attended a Eurogroup meeting in Brussels on Monday, and on Tuesday he will take part in the ECOFIN Council.

September 20 will most likely be the day on which the member-states of the European Union will submit their first four-year budgetary-structural plans, based on the rules of the new Stability Pact.

Cyprus' Harmonized Index of Consumer Prices accelerated slightly to 2.1% year-on-year in January, up from December's annual reading of 1.9%, the Cyprus Statistical Service said on Thursday.

The HICP in January amounted to 112.67 units from 114.09 the month before recording a monthly drop of 1.2%.

The Common Agricultural Policy (CAP) has been the European Union's key mechanism for pumping funds into agricultural production and keeping it competitive since 1962.

In a significant step towards Eurozone integration, Bulgaria asserts its readiness to join the currency union without relying on exceptions, according to statements made by officials in Brussels. Petar Chobanov, Deputy Governor of the Bulgarian National Bank, emphasized Bulgaria's commitment to meeting the criteria for Eurozone membership during a conference organized by MEP Emil Radev.

Preliminary data from the European statistical office Eurostat reveals that the Eurozone and the European Union managed to maintain economic stability in the fourth quarter of 2023, bouncing back from a 0.1% contraction in GDP during the previous quarter.

Bulgaria has secured the second spot in the European Union for maintaining the lowest external debt relative to GDP, based on Eurostat data from the end of the third quarter of the previous year. The country's public debt stands at 21%, making it one of the most fiscally disciplined nations in the EU.

Greece has received nearly 15 billion euros ($16 billion) in grants and loans from the European Union's Recovery Fund since 2021, a sum which is equivalent to about 8% of its economic output, the government said on Monday.