Cyprus Business Now

The Central Bank of Cyprus released a report this week noting that the country’s international investment position (IIP) improved slightly at the end of the first quarter.

In addition, Cyprus’ net external debt fell by €2.23 billion, despite the worsening of the country’s current account balance.

According to the provisional first quarter data, Cyprus’ international investment position had a net liability position of €28 billion, compared with €28,78 billion in the final quarter of the previous year.

With the corresponding data being adjusted for the impact of SPEs, IIP recorded a net liability position of -€8.99 million at the end of 2022 Q1, compared with a net liability position of -€10.15 million, at the end of the previous quarter.

Moreover, Cyprus’ current account balance deficit increased from €865.9 million in the first quarter of 2021 to €1.06 billion in the first quarter of 2022.

When adjusting the data for the impact of Special Purpose Entities (SPEs), which involves classifying SPEs as non-residents, the first quarter deficit stands at €1.01 billion, compared with a deficit of €682.7 million in the corresponding period of 2021.

The Cyprus Shipping Chamber (CSC) on Friday said that climate strategy developments, as well as ongoing efforts to meet emissions objectives, were discussed at the European Community Shipowners Associations (ECSA) board meeting.

The meeting, which took place in Brussels the day before, also involved a discussion on the organisation’s next steps and overall strategy, in order to further bolster its competitiveness and representation of shipowner interests to EU policymakers.

The European Community Shipowners Associations (ECSA), includes the national shipowners’ associations of the EU.

The immediate past president of the Cyprus Shipping Chamber and current president of ECSA Philippos Philis chaired the meeting.

Cyprus was represented at the meeting by the chamber’s director general Thomas Kazakos, who is also the president of the ECSA State Aid Committee, as well as Cyprus Shipowners Union member Nicolas Hadjioannou.

The Turnover Value Index of Retail Trade increased in May 2022 by 23.9 per cent year-on-year in May 2022, according to a report by the Cyprus Statistical Service (Cystat) published on Friday.

In addition, during the same month, the Retail Trade Turnover Index increased by 12.2 per cent year-on-year.

For the period January-May 2022, the value index is estimated to have increased by 12.9 per cent and the volume index by 3.4 per cent compared to the same period of 2021.

In terms of value, the largest increase in May of this year was recorded in the retail trade of vehicle fuels in specialised stores, with 55.1 per cent.

This was followed by the retail trade of computers and telecommunication equipment, curtains, carpets, books, stationery, sports equipment, toys, plants, watches, and jewellery, with 36.3 per cent. The trade of textiles, clothes, and shoes rose by 24.3 per cent.

The Cyprus Stock Exchange (CSE) ended Friday, July 1 with losses.

The general Cyprus Stock Market Index was at 67.72 points at 15:31 during the day, reflecting a drop of 0.41 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 40.49 points, which represents a decrease of 0.47 per cent.

The total value of transactions came up to €60,736.

In terms of the sub-indexes, the main and investment firm indexes fell by 1.08 per cent and 5.27 per cent respectively, while the hotel and alternative indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+2.46 per cent), Demetra (-5.64 per cent), Hellenic Bank (-0.49 per cent), Atlantic Insurance (no change), and Vassiliko Cement Works (no change).