Cyprus Business Now

According to the Cyprus Statistical Service (Cystat), industrial production marked a year-on-year increase of 9.3 per cent in the period of January – August 2021.

According to the Cystat data, the Industrial Production Index reached 117.1 units in August of this year, recording an increase of 8.6 per cent compared to August 2020.

Manufacturing rose by 3.6 per cent year-on-year in August 2021, while annual gains were registered in water supply and materials recovery.

In the manufacturing sector, the most significant changes were registered in the manufacturing of furniture, other manufacturing and repair and installation of machinery and equipment with a 32.7 per cent year-on-year increase.

These categories were followed by electronic, optical products and electrical equipment with 28.1 per cent, machinery and equipment, motor vehicles and other transport equipment with 21.1 per cent, as well as food products, beverages and tobacco products with 10.4 per cent.

Deposits in the Cyprus banking system continued their rise for a fourth consecutive month in September albeit at a much slower pace than before.

According to data released by the Central Bank of Cyprus, deposits marked a net increase of €8 million in September 2021, a significant drop from the net increase of €496 million in August of this year.

The annual rate change amounted to 4.4 per cent in September compared with 4.5 per cent in August, the CBC added.

According to the central bank, total deposits in September amounted to €50.3 billion, while the total amount of loans recorded a net increase of €27.1 million.

The annual growth rate stood at 1.5 per cent, compared with 1.3 per cent in August of this year.

The outstanding amount of total loans reached €29.6 billion in September 2021, the CBC concluded.

Total fuel sales rose by 14.8 per cent year-on-year in September while total sales in the period of January – September 2021 marked a marginal rise of 0.9 per cent, according to the Cyprus Statistical Service.

Cyprus’ fuel inventory by the end of September declined by 10.5 per cent year-on-year.

Total fuel sales amounted to 127,246 tonnes in September of this year.

Fuel provisions to aeroplanes spiked by an annual 140.4 per cent in September as aviation activities continued their recovery from the effects of the Covid pandemic.

Marine fuel rose by 48.3 per cent year-on-year, while sales of liquefied petroleum gases increased by 55.9 per cent.

Sales of motor gasoline and road diesel rose by a negligible 0.1 per cent, while a drop was registered in the sales of light fuel oil with 29.9 per cent.