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Title: Ireland Current Account Surplus Falls in Q1

June 2, 2023 06:41 AM ET

By: AnalysisWatch

Ireland's current account surplus fell to €13.8 billion in the first quarter of 2023 from €17 billion in the same quarter of 2022.

The services and revenue deficit widened to €42.3 billion from €30.7 billion.

Imports of services increased by €12.3 billion to €84.8 billion, mainly due to increases in royalties, travel and business services.

Investment income earned abroad also rose by €14.7 billion to €45.9 billion, while investment income payable to foreign investors increased by €19.3 billion to €85.6 billion.

Meanwhile, the merchandise trade surplus widened to €56.1 billion from €47.8 billion as exports rose by €10.3 billion to €88.8 billion and imports increased by €2 billion to €32.7 billion.

Title: Cyprus Inflation Rate Continues to Ease

June 2, 2023 05:34 AM ET

By: AnalysisWatch

The annual inflation rate in Cyprus fell for the seventh consecutive month to 3% in May 2023, the lowest since May 2021, following a 3.7% increase in the previous month.

The downward pressure was mainly driven by prices of housing and utilities (4.8% vs. 5.3%), furniture and household furnishings (4.9% vs. 6.8%), restaurants and hotels (4.8% vs. 6.3%) and recreation and culture (5.4% vs. 6.2%) and clothing and footwear (2.2% vs. 2.4%).

Meanwhile, transport costs continued to fall (-5.2% vs. -1.3%), while inflation was stable in health (1.5%) and education (1.8%).

On the other hand, inflation accelerated further for alcoholic beverages and tobacco (2.6% vs. 1.9%), while food inflation also climbed to a three-month high.

On a month-on-month basis, consumer prices were 0.3%, unchanged from the previous month.

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