Cyprus Business Now

The services sector turnover index increased in 2021, compared to 2020, with particularly strong growth being observed in accommodation and catering services, according to data released this week by the Cyprus Statistical Service (Cystat).

During the period between January and December 2021, yearly increases were recorded in the index of accommodation and catering services (65.7 per cent), administrative and support activities (15.5 per cent), information and communication (11.2 per cent), as well as professional, scientific and technical activities (4.6 per cent).

In addition, the turnover index in the fourth quarter of 2021, compared to the corresponding quarter of 2020, showed an increase in accommodation and catering services (98.2 per cent), administrative and support activities (21.3 per cent), information and communication (15.4 per cent), as well as professional, scientific and technical activities (8.2 per cent).

Cypriot telecommunications company Cyta officially received its award for having the fastest mobile network in Europe by internet performance analysts Ookla on October 28.

The ‘Fastest Mobile Network In Europe’ award was presented by Ookla CEO Doug Suttles to Cyta CEO Andreas Neoclous, as well as to chief technology and informatics officer Chrysis Phiniotis, during a ceremony that took place at the Mobile World Congress (MWC) in Barcelona.

MWC Barcelona is an annual trade conference held by the GSM Association, an industry organisation that represents the interests of mobile network operators worldwide, mainly dedicated to the mobile communications industry.

RCB Bank on Monday posted a statement on its website saying that “RCB Bank condemns war and violence in all its forms”.

“We call for a peaceful solution as soon as possible,” the bank added.

Earlier on the same day, the bank announced the induction of a new member, Irena Georgiadou, to its board of directors.

Georgiadou’s position on the board of directors will be made official once it has been approved by regulators both in Nicosia and Frankfurt.

A significant increase of 16.7 per cent year-on-year was recorded in January 2022 by the Producer Price Index in Industry, with the largest increases being recorded in the sectors of electricity supply, water supply and materials recovery.

According to the Cyprus Statistical Service (Cystat), the Producer Price Index in Industry for January 2022 reached 117.3 points (basis 2015 = 100), recording an increase of 0.4 per cent compared to December 2021.

In January 2022, compared to December 2021, the index increased in a number of sectors, including water supply and material recovery by 1.7 per cent, processing by 0.7 per cent and mines and quarries by 0.3 per cent, while falling in the sector of electricity supply by 1 per cent.

In terms of changes compared to the corresponding month of 2021, increases have been observed in all sectors, with electricity supply rising by 45.7 per cent, water supply and material recovery by 32.6 per cent, processing by 8.9 per cent, while the mines and quarries sector grew by 4.6 per cent.

In the manufacturing sector, in January 2022, compared to the corresponding month of 2021, increases were recorded in all economic activities.

The strongest growth was observed in the wood industry (28.5 per cent), the production of basic metals and in the manufacture of metal products (24.4 per cent), as well as in the manufacture of rubber and plastics products (15.0 per cent).

The production of other non-metallic mineral products (10.5 per cent) and the manufacturing of machinery and equipment, motor vehicles and other transport equipment (8.4 per cent) also experienced notable growth during this time.

The Cyprus Stock Exchange (CSE) ended Tuesday, March 1 with losses.

The main Cyprus Stock Market Index was at 67.44 points at 13:01 during the day, reflecting a drop of 0.59 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.48 points, which represents a decrease of 0.59 per cent.

The total value of transactions came up to €21,394.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.71 per cent and 0.48 per cent respectively, while the hotel and alternative indexes remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (+1.5 per cent), the Bank of Cyprus (-2.3 per cent), Logicom (+0.54 per cent), Atlantic Insurance (+0.56 per cent) and Demetra (-0.52 per cent).