Cyprus Business Now

International flights by Cyprus residents to foreign destinations picked up during July, according to a report by the Cyprus Statistical Service released this week.

Based on the data, foreign trips by Cypriot residents rose by a massive 113.1 per cent in July, when compared to the corresponding month of the previous year.

In pure numbers, 134,198 Cyprus residents flew abroad during this time, with the same figure standing at 62,961 people for July 2021.

In addition, the statistical service noted that the most popular destinations for Cyprus residents during this period included Greece with 42.8 per cent, the United Kingdom with 12.2 per cent, and Italy with 6.1 per cent.

Small shopkeepers union (Povek) head Stefanos Koursaris this week said that while discounts have provided a spark to the retail market but cannot fully offset the adverse effects of price increases in materials, energy and rental costs.

Koursaris said that the retail market benefited from two major events. One was the lifting of Covid-19 restrictions, which prompted people to return to stores and physical shopping after many consumers resorted to online orders during the pandemic.

The second source of encouragement for Cypriot shopkeepers was the rise in international tourist arrivals during the first 8 months of the year, with the number of tourists reaching 80 per cent of those in 2019, before the pandemic brought the market to a standstill.

On the other hand, he noted, there are also negatives, such as the ongoing wave of price increases and higher electricity bills.

“Due to the high prices and soaring energy bills, consumption and consumer psychology have been affected, something which also hurts businesses,” Koursaris said.

The Cyprus Stock Exchange (CSE) ended Thursday, August 18 with profits.

The general Cyprus Stock Market Index was at 70.61 points at 13:21 during the day, reflecting a rise of 0.84 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 42.34 points, which represents an increase of 0.86 per cent.

The total value of transactions came up to €134,234.

In terms of the sub-indexes, the main, alternative and investment firm indexes rose by 0.81 per cent, 0.86 per cent and 1 per cent respectively, while the hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+0.89 per cent), Petrolina (no change), Atlantic Insurance (+0.61 per cent), Hellenic Bank (+1.15 per cent) and Salamis Tours (+3.26 per cent).