Remote working which is widely applied in Cyprus due to the coronavirus pandemic has recorded significant benefits for the country’s production process, according to Finance Minister Constantinos Petrides.
Because the Cypriot economy is mainly based on services where teleworking has significantly reduced the loss of working hours, he also said in a response letter sent to the House finance committee.
Philenews who has the letter also reported Wednesday that the minister noted that this is something that goes unrecorded in heavily industrialized economies where the physical presence of workers is a must. And where lost working hours cannot be replaced by remote work.
Additionally, Petrides also said government policies had controlled the reduction in GDP to 5%, while jobs were held with unemployment held at 7.6% in 2020.
In addition, the policies led to an increase in Cypriot household savings of 2.4% in February this year, up from 0.2% in the corresponding month in 2020.
At the same time, the Minister pointed out that private consumption last year fell by -4.7% in current prices and -3.9% in volume prices.
In fact, on a quarterly basis, private consumption increased in the first and third quarters, while the other two quarters showed a negative indication.