Cyprus-Forum.com

[purdey]

Economic boom in Cyprus.Where does the money go ?
Public works put on hold.
Hospitals not up to standard.
Problems in the education system.
Problems in care homes.
Teenage pregnancy.

I rarely see these problems, but according to the Cyprus Mail it is out there.Is somebody creaming off the top again, I thought those days had long gone.

[pantheman]

Economic boom in Cyprus.Where does the money go ?
Public works put on hold.
Hospitals not up to standard.
Problems in the education system.
Problems in care homes.
Teenage pregnancy.

I rarely see these problems, but according to the Cyprus Mail it is out there.Is somebody creaming off the top again, I thought those days had long gone.

Come on Purdey, this could also be said about the UK. Given the GDP of both, I wonder who is actually doing the creaming off

Another Cyprus bashing post, and theres me think you liked it here.

[Jerry]

Their may be an economic boom but most of the proceeds stay in private hands. We all hate paying tax but the simple fact is the ROC does not collect enough revenue to pay for better public services, I wish the tax levels in the UK were the same as in Cyprus.

[purdey]

Not bashing, asking the question.It's all at the bottom of the page under Cyprus Mail.
I was asked where is all the money going the other night, not by British friends but Cypriot.Don't tell me Cypriots do not ask the same question when they read the papers or watch the tv.
Yes I love it there, but the problems identified in the media do not affect me as I do not live full time in Cyprus.
Hence the question.

[purdey]

You are right Jerry, but low tax solves no problems. I am willing to pay a few extra £'s if it is going to make a difference to somebodys life.

[Nurgary]

Gets paid to Public Servants - short hours - good pay - 13th month salary.

Oh and paying pensioners a 14th month bonus.

[Nurgary]

Oh also on defence sending = what a total waste.

[Johnson&Johnson]

This boom is not a real boom but a credit binge bought on by cheap and easy lending for overpriced property.

The debt has to be repaid eventually. Then comes the bust.

Rising property prices have made everyone feel richer here and people as a consequence are consuming more which makes the economy look healthy. It is an illusion. The property market peaked in the middle of 2007 and will start a rapid downward trajectory sometime this year, if it has not already.

The catalysts will be (not in any particular order):

1) Overbuilding and oversupply
2) Tighter lebnding criteria and drying up of credit due to the worldwide financial crisis
3) Sterling tanking against the Euro, thus driving away the expat brigade

The Russians will not save the market. Those who think so are dreaming.

It's a very bad time to buy property or take on debt.

Good time to be in liquid form (cash) maybe with some gold as a hedge.

[Johnson&Johnson]

Construction boom slows down
Stockwatch
First Published: 19/03/2008 13:32:24
Last Updated: 20/03/2008 08:31:29


According to Eurostat data released on Wednesday, construction output in Cyprus slowed down, boosting estimates that the island’s economy will grow slower in 2008. Specifically, construction output in the fourth quarter of 2007 grew by 3% compared to 9% in the third quarter of 2007, 7.5% in the second quarter of 2007 and 4.2% in the first quarter. The growth rate of the construction sector, which is 8.5% of the Cypriot GDP, is smaller than that of economy, which stood at 4.3% in the fourth quarter of 2007.

Eurostat’s figures confirm forecasts that the sector of constructions, which contributed heavily to the fast GDP growth in the past five years, will slow down. Besides, the Finance Ministry expects that GDP growth will decline to 4.6% in 2008, 4.2% in 2009 and 3.3% in 2010. However, the current figures show that slowdown might be larger and steeper than the Ministry’s forecasts.

The construction slowdown is connected with the deterioration of the conditions in the property market, market experts support. “The Central Bank’s move to cut the lending ceiling for the purchase of a home has contributed to the negative climate”, they said.

The anticipated slowdown in constructions – especially in Paphos – is more than obvious in the latest CYSTAT data on building permits. The area of the licensed projects in Paphos recorded a drop of 10.1% in 2007.

The sudden slowdown in constructions will spark fresh talks for the state’s development expenditure, which will be revaluated according to Finance Minister, Charilaos Stavrakis.

[Get Real!]

Oh also on defence sending = what a total waste.

What's the matter don't you like firepower? It's the "in" thing these days... US/UK invade and trash Iraq, Turkey invades and trashes Cyprus, Bolivia is thinking of invading and trashing Colombia, and Cyprus is thinking of invading and trashing Malta with these...

http://www.army.gov.cy/index.php?id=227