Cyprus Business Now

Cyprus’ Industrial Turnover Index recorded an increase of 21.3 per cent year-on-year in November 2022, according to a report released on Friday by the Cyprus Statistical Service (Cystat).

According to the report, the Manufacturing Business Cycle Index reached 188.7 points, with the base year being 2015, marking an increase of 21.3 per cent compared to November 2021.

For the period January-November 2022, the index recorded an increase of 22.1 per cent compared to the corresponding period of the previous year.

In the manufacturing sector, the index reached 183.4 points in November 2022, an increase of 16.3 per cent compared to November 2021.

There was also an increase in the electricity supply sector, which rose by 50.6 per cent, followed by mining and quarrying with an increase of 26.5 per cent, as well as water supply and material recovery with a rise of 7.3 per cent.

Compared to November 2021, the domestic index registered an increase of 24.6 per cent, while the export index increased by 8.4 per cent.

The number of registered unemployed at the end of January 2023 registered an increase of 8.6 per cent year-on-year, reaching 16,758 people, according to a report published on Friday by the Cyprus Statistical Service (Cystat).

Compared to January 2022, there was an increase of 1,328 persons, a rise of 8.6 per cent, primarily attributed to the sectors of financial and insurance activities, which experienced an increase of 589 persons.

This was followed by accommodation and catering services, with an increase of 583 people, transport and storage, a rise of 143 people, healthcare and social care, a rise of 76 people, as well as information and communication technology with a rise of 67 people.

Based on seasonally adjusted data, which reflect the trend of unemployment, the number of registered unemployed in January 2023 increased to 14,121 persons, compared to 14,068 during the previous month.

The largest number of unemployed per economic activity at the end of January is recorded in the accommodation and catering services sector with 5,182, followed by wholesale and retail trade, the repair of motor vehicles and motorcycles with 2,338, as well as financial and insurance activities with 1,395 people.

The Cyprus Stock Exchange (CSE) ended Friday, February 3 with profits.

The general Cyprus Stock Market Index was at 98.57 points at 13:29 during the day, reflecting an increase of 0.76 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 59.53 points, representing a rise of 0.78 per cent.

The total value of transactions came up to €130,256.

In terms of the sub-indexes, the main, alternative, and investment firm indexes all rose, increasing by 0.93 per cent, 0.39 per cent and 1.52 per cent respectively. The hotel index remained unchanged from the previous day.

The biggest investment interest was attracted by the Bank of Cyprus (+0.49 per cent), Vassiliko Cement Works PLC (no change), Hellenic Bank (+1.28 per cent), Salamis Tours (-1.09 per cent), and KEO PLC (no change).