Cyprus Business Now

The European Court of Auditors (ECA) said on Monday that a number of EU member states, including Cyprus, were still behind with their 5G network rollout plans.

Moreover, Belgium, Bulgaria, Croatia, Cyprus and Greece were also deemed to have a low probability of achieving uninterrupted 5G coverage in all major urban areas and along major terrestrial transport paths by 2025.

While the assessment may have been accurate based on the situation during the previous years, Cyprus has since lept forward with its 5G rollout.

On January 31, 2021, Cyta had announced the operation of the first 5G network in Cyprus with a population coverage of 70 per cent, with the objective of reaching 98 per cent in approximately 12 months down the line.

Cyta is expected to reach 100 per cent population coverage during the coming weeks.

In addition, Cyta was named as Europe’s fastest carrier in October of 2021 by internet performance analysts Ookla.

“Cyta in Cyprus is Europe’s Speedtest Awards Winner for mobile network speed during Q2-Q3 2021,” Ookla said at the time.

“To win this award, Cyta achieved a Speed Score of 134.69, with average download speeds of 204.15 Mbps and average upload speeds of 27.18 Mbps,” the company added.

Ookla also notes the commercial availability of 5G services in Limassol, Nicosia, Famagusta, Larnaca and Paphos.

Cyprus’ economic growth is expected to remain strong in 2022, with real GDP estimated to expand by 4.1 per cent, the Economic Research Centre (CypERC) of the University of Cyprus said earlier this week.

Real GDP in Cyprus is estimated to have increased by 5.6 per cent in 2021. Moreover, in 2022, CPI inflation is projected to reach 2.6 per cent.

According to the research centre’s report, the main factors contributing to the above outlook include the robust recovery from the crisis caused by the pandemic, strong economic sentiment, favourable financing conditions and the accommodative fiscal policy.

“As economic and social activities adapt further to the pandemic, upside risks to the outlook may stem from stronger-than-anticipated domestic demand and external demand, especially for tourist services”, the centre said in its report.

The total sales of petroleum products increased by 6.8 per cent year-on-year in 2021, according to data released on Thursday by the Cyprus Statistical Service (Cystat).

Aviation fuel supplies increased by 63.9 per cent, while increases were also observed in the sales of asphalt (36.9 per cent), motor gasoline (7.3 per cent) and road diesel (7.2 per cent).

Conversely, a decrease was recorded in the sales of kerosene (11.5 per cent), heating fuel (9.2 per cent) and marine fuel (5.2 per cent).

In 2021, petrol station sales reached 659,863 tonnes of fuel, recording a rise of 4.9 per cent compared to 2020.

In December of 2021, the total sales of petroleum products came up to 129,519 tonnes, recording an increase of 23.8 per cent compared to December of the previous year.

The Cyprus Stock Exchange (CSE) ended Thursday, January 27 with profits.

The main Cyprus Stock Market Index was at 70.59 points at 13:30 during the day, reflecting a rise of 1.47 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 42.36 points, which represents an increase of 1.49 per cent.

The total value of transactions came up to €114,984.

In terms of the sub-indexes, the main index rose by 2.09 per cent, while the alternative index increased by 0.1 per cent.

The investment firm index also rose by 4.79 per cent, while the investment firm index fell by 1.24 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (+3.17 per cent), Demetra (+5.21 per cent), the Cyprus Cement Company (+1 per cent), Petrlolina (no change) and Vassilico Cement Works (no change).