Cyprus Business Now

The average gross monthly earnings of employees in Cyprus marked a 5.3 per cent year-on-year increase in the third quarter of 2022, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to preliminary data, the average gross remuneration of employees is estimated at €2,069 compared to €1,965 in the third quarter of 2021.

Seasonally adjusted average gross earnings in the third quarter of 2022 are estimated at €2,187, reflecting a 0.7 per cent increase compared to the second quarter of 2022.

What is more, the Statistical Service has pointed out that during the first, second and third quarters of 2021, the targeted schemes by the Ministry of Labour and Social Insurance were in place to deal with the adverse effects of the Covid-19 pandemic.

The result of this was that the average gross monthly earnings were reduced, since the amount that has been taken into consideration when creating the report is limited to the salary and benefits paid by the employer and does not include any amount paid as a benefit by the Ministry of Labour and Social Insurance.

Meanwhile, the report also noted that the average gross monthly earnings of men during the third quarter of 2022 are estimated at €2,217, while the same figure stood at €1,884 for women.

Compared to the third quarter of 2021, the average monthly earnings of men and women increased by 5.1 per cent and 5.4 per cent respectively, the report concluded.

The industrial production index in Cyprus marked a decrease of 1 per cent month-on-month in October 2022, having dropped to 133.0 units during this time, while the index also experienced a decrease when compared to October 2021.

However, according to a report by the Cyprus Statistical Service, between January and October 2022, the index marked an increase of 1.8 per cent compared to the corresponding period of the previous year.

Furthermore, across the manufacturing sector, there was a decrease of 1.3 per cent compared to October 2021.

An increase was recorded in the sectors of mines and quarries, which rose by 9.9 per cent, and electricity supply, with an increase of 0 .5 per cent.

The water supply and material recovery sector showed a decrease of 7.2 per cent compared to October 2021.

In addition, the most significant positive changes in the manufacturing sector, when compared to October 2021, were observed across a number of distinct economic activities, including the production of textiles, clothing and leather goods, which grew by 22.5 per cent, as well as the production of refined petroleum products, chemicals, pharmaceutical products and preparations with a rise of 6.6 per cent.

The manufacture of machinery and equipment, motor vehicles and other transport equipment also experienced an increase of 5.4 per cent.

Conversely, the most significant negative changes were observed in the manufacturing activities of electronic and optical products and electrical equipment, a drop of 53.1 per cent, as well as the production of basic metals and manufacturing of metal products, with a decline of 11.7 per cent.

Moreover, according to the report, comparing the rates of change for the period between January and October 2022, with the corresponding period of the previous year, the most significant increases are observed in the economic activities of the production of textile materials, clothing and leather goods, a rise of 27.9 per cent, manufacturing furniture and the repair and installation of machinery and equipment, a growth of 20.0 per cent, as well as in the collection, treatment and supply of water, a rise of 12.0 per cent.

On the other hand, the most significant examples of decline, when comparing the same period of time as above, took place in the manufacture of electronic and optical products and electrical equipment, a drop of 43.3 per cent), as well as in the wood industry and the manufacture of wood and cork products, excluding furniture, with a decline of 6.2 per cent.

In addition, the production of basic metals and manufacture of metal products also experienced a drop of 5.7 per cent.

The Cyprus Stock Exchange (CSE) ended Friday, December 30 with profits.

The general Cyprus Stock Market Index was at 89.35 points at 12:46 during the day, reflecting a rise of 0.43 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 53.88 points, representing an increase of 0.33 per cent.

The total value of transactions came up to €50,302.

In terms of the sub-indexes, the main and alternative indexes rose by 0.39 per cent and 0.32 per cent respectively.

The investment firm index fell by 1.15 per cent, while the hotel index remained stable.

The biggest investment interest was attracted by the Cyprus Cement Public Company (+2.59 per cent), K+G Complex (+2.14 per cent), Hellenic Bank (+2.11 per cent), and Pandora Investments (+0.72 per cent).