Cyprus Business Now

Paphos hoteliers association (Pasyxe) president Thanos Michaelides on Monday said that hotel occupancy rates in the district are ranging between 80 and 85 per cent, before falling to approximately 70 per cent in September.

Speaking to the Cyprus News Agency (CNA), Michaelides said that these rates are satisfactory and represent an increase over both the previous months, as well as the two preceding years.

However, they are still not high as the occupancy rates recorded in 2019, a record year in terms of tourist arrivals.

In addition, Michaelides once again bemoaned the loss of the Russian and Ukrainian tourist markets, stressing that these were not completely offset by other markets.

The Pasyxe president also said that though a great deal of Cyprus residents visited hotels in the Paphos district, their overall numbers were not as high as 2021, although it should be noted that Covid-19 restrictions were in place at the time, something which inadvertently boosted domestic tourism.

Regarding the expected occupancy rate of 70 per cent for September, Michaelides said that this would be higher were it not for the many issues plaguing the aviation industry, with staff shortages across Europe leading to many flights being cancelled.

In terms of other tourist markets, Michaelides said that the United Kingdom remains the key source of tourists for the district, although there has been plenty of interest from other countries as well, including Poland, Austria, Germany and Israel.

The total imports and exports of goods in Cyprus increased from January to May 2022, with the European Union being the main source of supply of goods to Cyprus, according to a report released on Monday by the Cyprus Statistical Service (Cystat).

Between January and May 2022, the total imports of goods, from both EU member states and third countries, stood at €4.46 billion in value, compared to €3.29 billion for the corresponding period from 2021. This represents an increase of 35.7 per cent year-on-year.

Total exports of goods, both to EU Member States and third countries, between January and May 2022 stood at €1.51 billion, compared to €1.02 billion for the same period in 2021, an increase of 47 per cent year-on-year.

Cyprus’ trade deficit during this period of time stood at €2.957 billion, compared to €2.26 billion during the corresponding period of 2021.

Moreover, according to the report, the EU was the main source of supply of goods to Cyprus between January and May 2022, with a share of €2.78 billion in total imports.

Meanwhile, imports from other European countries stood at €381.2 million during the same period. Imports from the rest of the world stood at €1.3 billion in total value.

What is more, exports to EU member states amounted to €424.2 million, while exports to the rest of Europe stood at €162.4 million.

Finally, the total value of exports to the rest of the world reached €925.1 million.

The Cyprus Stock Exchange (CSE) ended Monday, August 22 with profits.

The general Cyprus Stock Market Index was at 73.43 points at 13:47 during the day, reflecting a rise of 2.23 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 44.05 points, which represents an increase of 2.23 per cent.

The total value of transactions came up to €183,579.

In terms of the sub-indexes, the main, alternative and investment firm indexes rose by 2.73 per cent, 0.26 per cent and 0.49 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+7.23 per cent), Logicom (-0.57 per cent), Hellenic Bank (+2.17 per cent), Demetra Holdings (+0.52 per cent) and the Cyprus Cement Company (no change).