Cyprus Business Now

Employment in Cyprus increased by 1.9 per cent in the second quarter of 2022, compared to the corresponding quarter of 2021, while actual working hours recorded a percentage increase of 5.2 per cent, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat).

According to a preliminary employment estimate, the total number of workers employed during the second quarter of 2022 is estimated at 458,706 people, of which 408,922 are employees and 49,786 are self-employed.

The most significant percentage increases were observed in the sectors of accommodation and food service, information and communication, real estate management, wholesale and retail trade, as well as the repair of motor vehicles and motorcycles.

Moreover, the actual working hours for the second quarter of 2022 are estimated at 207,154, reflecting an increase of 5.2 per cent compared to the corresponding quarter of 2021.

There was a decline in both the area and value of the new building permits issued during the first half of 2022, according to a report published this week by the Cyprus Statistical Service (Cystat).

During the period January – June 2022, a total of 3,898 building permits were issued compared to 3,990 in the corresponding period of the previous year, marking a decrease of 2.3 per cent.

Building permits for residential buildings decreased by 6.2 per cent during this time, while permits for road construction and civil engineering projects increased by 34.8 and 24.9 per cent respectively.

At the same time, the total value of these permits decreased by 9.1 per cent, with the value of residential buildings falling by 11.6 per cent and the value of road construction and civil engineering projects increasing by 25.6 per cent and 35.1 per cent respectively.

The total area also decreased by 12.4 per cent, compared to the corresponding period of 2021, as the area of ​​residential buildings fell by 10.9 per cent and non-residential by 21.4 per cent.

The number of residential units experienced a decrease of 5 per cent. Single-family houses decreased by 9.6 per cent, buildings with two housing units by 6 per cent and residential apartment blocks by 3 per cent, while residential and commercial apartment blocks increased by 7.2 per cent.

The number of building permits authorised by the municipal authorities and district administration offices in June 2022 stood at 626.

The total value of these permits reached €220.1 million while the total area reached 202,100 square meters. These permits provide for the construction of 1,146 dwelling units.

Building permits constitute a leading indicator of future activity in the construction sector.

The Cyprus Stock Exchange (CSE) ended Wednesday, September 7 with profits.

The general Cyprus Stock Market Index was at 73.05 points at 12:35 during the day, reflecting a rise of 0.68 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 43.80 points, which represents an increase of 0.67 per cent.

The total value of transactions came up to €74,385.

In terms of the sub-indexes, the main index rose by 1.08 per cent, while the alternative and investment firm indexes fell by 0.81 per cent and 0.49 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (+4.03 per cent), Salamis Tours (-1.5 per cent), Petrolina Holdings (-0.92 per cent), Logicom (no change) and Louis Plc (no change).