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Chamber of Commerce and Industry president Christodoulos Angastiniotis said on Tuesday that the pandemic continues to be a source of uncertainty in regards to how the Cypriot economy is expected to perform in 2022.

“If the pandemic is not controlled quickly and to a certain degree, then we are expected to have a negative impact for the third consecutive year in vital sectors of our economy, such as tourism, aviation and others,” the Keve president said during his year-end speech, adding that the chamber “calls on the state to tighten the environment for the unvaccinated and to put more pressure on the non-compliant to comply with the measures”.

On the level of public debt, which has risen to 115 per cent of GDP, Angastiniotis said that Keve is insisting on a strict fiscal policy focusing on development rather than operational and consumer spending, adding that issues such as the reduction of government wages and the state’s operating expenses must be tackled.

Angastiniotis also said that traditional sectors such as shipping, tourism and the property market need to be further developed in 2022.

Finally, the Keve presided noted that the rising levels of inflation, as well as the increased cost of energy, are challenges that need to be addressed.

 

According to data by the Cyprus Statistical Service (Cystat), fuel sales in Cyprus rose by 25 per cent year-on-year in November, however, the figure is 14 per cent lower when compared to October of this year.

Based on the Cystat data, the total sales of petroleum products in November 2021 amounted to 115,658 tonnes, recording an increase of 24.9 per cent when compared to November 2020, pushed upwards by annual increases in most categories.

Sales from petrol stations have registered an increase of 3.9 per cent year-on-year, reaching 54,306 tonnes in total.

The provisions of aviation kerosene rose by an annual 284.6 per cent, reflecting the increased number of flights, while marine fuel rose by 38.4 per cent.

Furthermore, sales of light fuel oil rose by 97.6 per cent, asphalt by 29.5 per cent, motor gasoline by 13.3 per cent, heavy fuel oil by 5.3 per cent and road diesel by 3.1 per cent.

 

The Cyprus Stock Exchange (CSE) ended Tuesday, December 28 with minor profits.

The main Cyprus Stock Market Index was at 66.94 points at 13:49 during the day, reflecting a rise of 0.22 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.11 points, which represents an increase of 0.2 per cent.

The total value of transactions came up to €30,511.

In terms of sub-indexes, the main index rose by 0.17 per cent, while the investment firm index fell by 0.9 per cent. The hotel and alternative indexes remained stable.

The biggest investment interest was attracted by Logicom (-0.6 per cent), the Bank of Cyprus (+1.49 per cent), Demetra (-0.99 per cent) and LCP Holdings and Investments (+7.09 per cent).

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