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Investor Presentaiton

Moderate inflation and rapid reduction in unemployment Low inflationary pressures Subdued inflationary pressures despite growth owing to exogenous factors. CPI inflation at 0,4% in the first eights months of 2019 with core inflation excluding energy and seasonal food at 0,3%. Respective figures in 2018 were 1,4% and 0,4%. • Fast correction during crisis years reflecting the wage flexibility of the labour market which led to an internal devaluation and improvement in price competitiveness. Rapid decline in unemployment Labour Force Survey unemployment in monthly seasonally adjusted terms decreased to 6,8% in August 2019 compared to 8,3 % in August 2018. • Flexibility of labour market and strong economic activity contributing to normalization of labour conditions. • Encouraging signs of de-escalation in youth unemployment while long-term unemployment is correcting faster than total. Source: Cyprus Statistical Service, Eurostat Annual % change 4,0 3,0 2,0 1,0 0,0 -1,0 -2,0 -3,0 18 16 14 12 10 8 6 % Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Seasonally adjusted unemployment rate Jan-17 Jul-17 Jan-18 8 Jul-18 Jan-19 Jul-19 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19 Jun-19 Inflation (CPI)
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