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Cyprus Deputy Minister for Tourism Savvas Perdios said that the current level of tourist arrivals has been deemed satisfactory.

Tourist arrivals between January and October of this year amount to 45 per cent of 2019’s total, a year which saw record tourist arrivals.

Regarding October specifically, Perdios said that tourist arrivals are estimated to account for 70 per cent of the same month in 2019.

However, he said that per capita expenditure has risen since then, increasing from €678 in 2019 to €810 in 2021.

“The rise in revenue will exceed the arrivals which is a long-standing target for the deputy ministry,” Perdios said.

Perdios added that the tourism sector is expected to continue recovering in 2022 while noting that global tourism is not expected to reach pre-covid levels until 2024.

“The aim is two-fold, that is to do better than this year and to approach the levels of 2019 as much as possible”, Perdios said in reference to next year’s objectives.

 

According to a flash estimate by the Cyprus Statistical Service (Cystat), the Cyprus economy grew by an annual 5.3 per cent in the third quarter of 2021, continuing on a growth trajectory for the second consecutive quarter this year.

GDP growth rate in real terms during the third quarter of 2021 is positive, estimated to be 5.2 per cent higher year-on-year.

Cystat added that using seasonally and day adjusted data, the GDP growth rate in real terms is estimated to be 5.3 per cent.

The positive GDP growth rate is mainly attributed to the sectors of Hotels and Restaurants, Manufacturing, Transport, Storage and Communication, Wholesale and Retail Trade, Repair of Motor Vehicles, Arts, Entertainment and Recreation and Other Service Activities, Cystat concluded.

 

Investment funds can become an alternative source of funding for Cyprus business, Cyprus Securities and Exchange Commission’s (CySEC) chairman George Theocharides said at the Economist’s Cyprus Summit event in Nicosia.

“We see that there is a growing market that can provide these alternative forms of financing that the economy needs,” Theocharides said.

The commission chairman noted that Cyprus has seen a major improvement in terms of its Assets under Management (AuM) figure, recently reaching €10 billion in total.

“CySEC is working together with the Cyprus Investment Funds Association (CIFA) to promote the market because we see this market as an opportunity to provide an alternative form of financing,” he added, explaining that currently there is complete dependence on the banking system for financing.

 

The Cyprus Stock Exchange (CSE) ended Tuesday, November 16 with profits.

The main Cyprus Stock Market Index was at 68.03 points by 13:38 during the day, reflecting an increase of 0.98 per cent over the previous day.

The FTSE / CySE 20 Index was at 40.70 points, representing a rise of 1.02 per cent. The total value of transactions came up to €43,848.60.

In terms of sub-indexes, the main index rose by 1.18 per cent, while the hotel and alternative indexes rose by 0.86 per cent and 0.36 per cent respectively.

The biggest investment interest was attracted by Bank of Cyprus (+2.78 per cent), Vassiliko Cement Works (+1.52 per cent), Logicom (+0.64 per cent), Alkis H. Hadjikyriacos (Frou Frou Biscuits) Public Ltd (+0.71 per cent) and the Cyprus Cement Company (no change).