Cyprus Business Now

The number of registered unemployed stood at 11,664 persons at the end of April 2022, according to data released this week by the Cyprus Statistical Service (Cystat).

The latest figure reflects a drop of 20,522 persons (63.8 per cent) when compared to the same period of the previous year.

Based on the seasonally adjusted data, which shows the trend of unemployment, the number of registered unemployed for April 2022 decreased to 12,853 persons in comparison to 13,087 in the previous month.

The decrease of 20,522 persons or 63.8 per cent, in comparison to April 2021, has primarily attributed to the sectors of accommodation and food service activities (a decrease of 4,965), trade (a decrease of 3,987), and construction (a decrease of 1,402).

Moreover, contributing sectors also included manufacturing (a decrease of 1,273), as well as transportation and storage (a decrease of 963).

In addition, there were 1,602 persons who were newcomers to the labour market.

Finance Minister Constantinos Petrides earlier this week expressed hope that the recently approved Cyprus Equity Fund will provide a boost to the country’s promising innovation and entrepreneurship ecosystem.

“We have raised the bar in terms of the participation of private investors in the fund, since leveraging private resources is one of its main objectives and a key element for its long-term success,” Petrides said.

Petrides explained that the Finance Ministry has long been committed to the introduction of a new funding tool to support innovative startups.

“Therefore, the agreement with the European Investment Fund for the management of this new financial instrument is of the utmost importance and an important milestone in the government’s efforts to strengthen alternative financing,” the minister stressed.

Moreover, the Finance Minister said that the government’s commitment and confidence in the project are evident by the increase of the original amount of €10 million to a total of €30 million.

In addition, Petrides noted that the Equity Fund has been included in Cyprus’ National Recovery and Resilience Plan.

“The challenges of the knowledge economy are critical to growth,” Petrides said.

“Intense entrepreneurship and the development of small-to-medium-sized enterprises (SMEs) are among the most important preconditions for successfully meeting the challenges of an ever-evolving global economy,” the Finance Minister concluded.

The Cyprus Stock Exchange (CSE) ended Thursday, May 5 with profits.

The main Cyprus Stock Market Index was at 69.42 points at 13:32 during the day, reflecting a rise of 0.26 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 41.73 points, reflecting an increase of 0.24 per cent over the previous day of trading.

The total value of transactions came up to €96,513.

In terms of the sub-indexes, the main index rose by 0.07 per cent, while the investment firm index fell by 0.48 per cent.

The alternative and hotel indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+2.43 per cent), Louis (+5.63 per cent), Atlantic Insurance (no change), Logicom (-1.49 per cent) and Hellenic Bank (-1.83 per cent).