Cyprus Business Now

The Cyprus Ministry of Finance said on Wednesday the economy’s performance during the third quarter of 2021 reaffirm the resilience of the economy and bode well for the final quarter of the year.

According to a report by Cystat, Cyprus’ 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.

“The high growth rates confirm the strength of the Cypriot economy, reinforcing expectations for the continuation of positive outlook in the 4th quarter of 2021,” the ministry said in a press release.

“With a growth rate close to 5.5 per cent for 2021, the Cypriot economy will be one of the few economies in the European Union, whose rate will exceed the losses of 2020,” the ministry added.

Τhe total weight of goods transported by road in Cyprus fell by 2.4 per cent year-on-year between April and June of this year, according to a report by the Cyprus Statistical Service (Cystat) released on Tuesday.

The report added that the weight of freight transported from and to Cyprus increased by 1.6 per cent during that period.

Regarding the period between January and June of this year, the total weight of goods transported by road in Cyprus decreased by 1.4 per cent year-on-year.

Finally, the weight of freight transported from and to Cyprus decreased by 4.8 per cent.

The development of tourism, trade, entrepreneurship and technology hubs is a strategic goal of the Cypriot Government, Minister of Transport, Communication and Works Yiannis Karousos said on Tuesday at the Economist’s Cyprus Summit conference in Nicosia.

The minister added that the pandemic has shown why supply chains must be safeguarded in order to ensure that high productivity is not disrupted.

“As an island, ensuring a satisfactory level of air connectivity is vital for economic, social and strategic purposes,” Karousos said in reference to the government’s approach to ports and airports.

“The development of tourism, trade, entrepreneurship and technological hubs is a strategic goal for the government of Cyprus and air connectivity plays an important role,” the minister added.

The Cyprus Stock Exchange (CSE) ended Wednesday, November 17 with losses.

The main Cyprus Stock Market Index was at 67.30 points by 12:37 during the day, reflecting an increase of 0.1 per cent over the previous day.

The FTSE / CySE 20 Index was at 40.25 points, representing a drop of 0.12 per cent. The total value of transactions came up to €22,077.

In terms of sub-indexes, the main index fell by 0.24 per cent, while the alternative and investment firm indexes fell by 0.12 per cent and 2.35 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (no change), Bank of Cyprus (+0.93 per cent), Demetra (-2.59 per cent), Atlantic Insurance (-1.85 per cent) and Louis (-1.59 per cent).