The budget of the Cyprus Ports Authority for 2022 is projected to have a marginal surplus, the authority said on Thursday.

The budgeted revenues of the Authority are expected to reach €30,460,125 while the budgeted expenditures are estimated to be €30,413,190.

Chairman Antonis Stylianou and general manager Anthimos Christodoulidis presented the budget to the House Finance Committee Monday, February 14.

“The authority’s budget has been prepared under the adverse conditions of the coronavirus pandemic, but also in light of the fact that the future revenues of the authority are shrinking due to the impending commercialisation of Larnaca port,” the authority said.

The decrease in earnings is offset by the increased revenue expected as part of its participation in projects co-financed by European funds, such as the Recovery and Sustainability Fund and the Cross-Border Cooperation Fund.

The Cyprus Composite Leading Economic Index (CCLEI) recorded a year-on-year increase of 14.8 per cent in January 2022, reaching a level of 109.4 units, after year-on-year increases of 14.4 per cent in December 2021 and 13.8 per cent in November (based on recent and revised data), according to a report by the Economics Research Centre of University of Cyprus.

Moreover, most of the index’s domestic and international components contributed to its upward trend in January 2022.

These included the improvement in business confidence across all sectors, with the services sector in particular showing a strong upward trend in January 2022 when compared to January 2021.

In addition, the total number of property sales contracts and the temperature-adjusted volume of electricity production continue to have a positive effect on the CCLEI, increasing in January 2022 when compared to the corresponding month from a year ago.

The value of credit card transactions also exhibited a significant year-on-year increase.

Tourist arrivals and retail sales also exert a positive effect on both the index and domestic economic activity.

Conversely, Brent Crude oil prices had adverse effect on the CCLEI’s growth in January, since it increased significantly year-on-year.

The report concluded by noting that the Cypriot economy will remain on a trajectory of recovery, according to the positive year-on-year growth rate of the CCLEI recorded in January 2022.

Howeverr, rising fuel costs and the continuing risks and challenges posed by the pandemic continue to be negative factors in the economy’s short-term prospects.

The Cyprus Stock Exchange (CSE) ended Thursday, February 17 with negligible losses.

The main Cyprus Stock Market Index was at 70.84 points at 13:43 during the day, reflecting a drop of 0.01 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 42.56 points, remaining stable from the day before.

The total value of transactions came up to a lowly €18,364.

In terms of the sub-indexes, the main index rose by 0.16 per cent, while the alternative index fell by 0.03 per cent.

The investment firm and hotel indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.91 per cent), Atlantic Insurance (no change), Demetra Holdings (no change) and Lordos Hotels (no change).