Cyprus Business Now

The growth rate of the Cypriot economy in the first quarter of 2022 remained positive, estimated to have risen by 5.8 per cent when compared to the corresponding quarter of 2021, according to a report by the Cyprus Statistical Service (Cystat) utilising preliminary data.

After the correction of GDP in terms of seasonal fluctuations and working days, the growth rate is estimated to have increased by 5.6 per cent year-on-year.

According to the Statistical Service, the positive GDP growth rate is primarily attributed to the hotels and restaurants sector, transport and storage, wholesale and retail trade, motor vehicle repair, arts, entertainment and other activities, as well as the services sector.

The Association of Cyprus Tourist Enterprises (Stek) on Wednesday announced that its secretary Socrates Solomonides recently represented Cyprus at a three-day conference held by the International Labour Organisation (ILO).

The meeting took place between April 25-29 and was attended by 86 government representatives, 12 employers’ organisations and 22 employees from selected tourist countries.

According to an announcement by the association, Cyprus’ participation was deemed to have been very constructive.

The discussion focused on the importance of implementing policies and measures that will make the recovery of the tourism sector comprehensive, sustainable and resilient.

Moreover, special emphasis was also given to the issue of transitioning to a more sustainable tourism model, one that respects the environment, local communities, and ensures safe and healthy conditions for employees in the sector.

The ILO said in a statement that the findings presented during the conference were intended to help governments, employers and employees “unlock the full potential of the tourism sector and to support a more human-centred recovery and a more resilient work environment”.

“Through our participation in the ILO meeting, we had the opportunity to highlight the positions of the employer side, in terms of the need to support the tourism industry until it has fully recovered,” Solomonides said.

“We also highlighted the importance of improving productivity and continuing education in the sector, as well as the need to adapt to the challenges of climate change and the technological revolution, with respect for the social dialogue and the provision of appropriate employment conditions,” he added.

The Cyprus Stock Exchange (CSE) ended Wednesday, May 18 with profits.

The main Cyprus Stock Market Index was at 67.25 points at 12:41 during the day, reflecting a rise of 0.33 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.36 points, which represents an increase of 0.32 per cent.

The total value of transactions came up to €28,327.

In terms of the sub-indexes, the main and nvestment firm indexes rose by 0.73 per cent and 1.01 per cent respectively, while the alternative market fell by 0.21 per cent. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Logicom (+2.17 per cent), Demetra (+1.09 per cent), the Cyprus Cement Company (-1.57 per cent) and Vassiliko Cement Works (no change).