Cyprus Business Now

Cyprus’ Fiscal Council on Tuesday announced that it has approved the forecasts and estimates submitted through the Stability Programme.

The council also warned that if there is any delay in implementing the programmes entailed within it, then there will be adverse effects on the economy, including the loss of jobs.

The council noted that the Ministry of Finance’s estimates are somewhat conservative and that they do not foresee negative fiscal developments.

In addition, it considers as particularly important the return of Cyprus to surplus fiscal fundamentals, including the write-off of public debt, as well as the projected primary surplus, which should be safeguarded.

“The data this year, and in particular the rise in inflation, are driven by external developments, the Fiscal Council said, adding that this includes “the war in Ukraine and the monetary policy decisions on which the Republic of Cyprus has little to no influence”.

Finally, the council said that it considers social spending to be a necessity, provided that such initiatives are not excessive and are not provided indiscriminately.

The Deputy Ministry of Tourism and the Cyprus Sustainable Tourism Initiative (CSTI) on Tuesday announced the successful completion of a series of seminars centred around the promotion of Cypriot cuisine in the tourism sector.

The seminars, which took place in the Famagusta and Larnaca districts, saw more than 35 chefs from 20 different hotels take part in them.

“The series of seminars aims to better implement the Cypriot Breakfast programme,” the CSTI said in a statement.

The programme includes ideas for creative dishes inspired by Cypriot gastronomy, as well as new techniques by trainer and chef George Kyprianou and baker Christos Theophilou.

“The aim of this initiative the promotion of Cypriot products, as part of the Cypriot breakfast in the tourism industry, and consequently their promotion to the visitors staying in Cypriot hotels,” the organisation added.

Minister of Agriculture Costas Kadis on Monday said that the government is behind Cyprus’ wine villages and winemakers, before offering his support to the thirteenth iteration of the Cyprus Wine Competition.

The competition started on Monday, taking place in a Limassol hotel, and involves the tasting and grading of 178 Cypriot wines.

“The Ministry of Agriculture, Rural Development and Environment, as well as the government, support every initiative that contributes to the promotion of quality wines in our country,” Kadis said.

“Supporting wine-growing communities, wine-growers and winemakers is one of the main goals of our agricultural policy”, he added.

Moreover, the minister said that in relation to the effects of the pandemic, the Green Harvest initiative, which had a budget of over €3.5 million, provided immediate relief to growers during the previous two years.

Limassol mayor Nicos Nicolaides also offered his support to the wine competition, saying that Limassol is the heart of the winemaking industry in Cyprus.

“There is no doubt that the Cyprus Wine Competition has been embraced by the winemakers of our country and has contributed in its own way to the improvement and promotion of the unique quality characteristics of Cypriot wines,” Nicolaides said.

“Cypriot wine is not only the most historic wine in the world, but holds an enviable position in world wine production, a position that is constantly improving, because Cyprus has serious professionals and know-how, both in viticulture, as well as in wine production,” the Limassol mayor concluded.

The Turnover Index in Industry reached 144.7 points (base 2015 = 100) in February 2022, recording an increase of 13.4 per cent compared to February 2021, according to data published on Tuesday by the Cyprus Statistical Service (Cystat).

In the manufacturing sector, the index reached 143.6 points in February 2022, recording an increase of 5.7 per cent compared to February 2021.

The sector that showed the largest increase was the production of textiles, clothing and leather goods, with a 41.7 per cent increase compared to February 2021.

There was also an increase in the sectors of electricity supply by 61.4 per cent, water supply and material recovery by 33.2 per cent, as well as mines and quarries by 5.2 per cent.

For the period between January and February 2022, the index showed an increase of 19.9 per cent ​​compared to the corresponding period of the previous year.

The Cyprus Stock Exchange (CSE) ended Tuesday, May 3 with losses.

The main Cyprus Stock Market Index was at 69.10 points at 13:43 during the day, reflecting a drop of 0.32 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.54 points, reflecting a decrease of 0.36 per cent over the previous day of trading.

The total value of transactions came up to €84,846.

In terms of the sub-indexes, the main, alternative and hotel indexes fell by 0.09 per cent, 0.43 per cent and 1.48 per cent respectively.

Conversely, the investment firm index rose by 1.33 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.96 per cent), Hellenic Bank (+1.08 per cent), Atlantic Insurance (-0.97 per cent), Logicom (-0.97 per cent), and Philoktimatiki (no change).