Cyprus Business Now

The business turnover index in Cyprus experienced increases across all sectors of economic activity during 2022, compared to the previous year, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, increases were recorded in administrative and support activities, with a rise of 46.6 per cent, accommodation and catering services, with an increase of 39.3 per cent, information and communication, with an increase of 22 per cent, as well as professional, scientific and technical activities, with a rise of 8.5 per cent.

By sector of economic activity, the largest increase in 2022 occurred in activities related to travel agencies, organised travel and reservation services, which recorded a massive increase of 270.8 per cent.

Publishing was the only sector that experienced a drop on annual basis, recording a decrease of 11.3 per cent year-on-year.

Moreover, the turnover Index experienced an increase in the fourth quarter of 2022, compared to the corresponding quarter of the previous year, in the sectors of administrative and support activities, with a rise of 23.1 per cent, as well as accommodation and catering services, with an increase of 9 per cent.

Finally, the information and communication sector grew by 8 .9 per cent, while professional, scientific and technical activities increased by 8.1 per cent.

The Industrial Production Index in Cyprus recorded an increase of 1.4 per cent in 2022, compared to 2021, according to a report by the Cyprus Statistical Service (Cystat).

For the month of December 2022, the index reached 132.3 units, with the base year being 2015, marking a decrease of 1.7 per cent compared to December 2021.

In the manufacturing sector, an increase of 2.5 per cent was observed in December 2022 compared to December 2021.

An increase was also recorded in the mining and quarrying sector with 9.6 per cent.

Conversely, a negative change was observed in the sector of electricity supply, with a drop of 16.2 per cent, and water supply and materials recovery, with a decrease of 14.8 per cent.

In the manufacturing sector, the most significant positive changes compared to December 2021 were observed in the production of refined petroleum products, chemicals and products and pharmaceutical products and preparations with 25.3 per cent, followed by the manufacturing of other non-metallic mineral products with 22.6 per cent and the production of textiles, clothing and leather goods with 8.3 per cent.

The Cyprus Stock Exchange (CSE) ended Wednesday, March 1 with losses.

The general Cyprus Stock Market Index was at 112.84 points at 13:23 during the day, reflecting a decrease of 2.85 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 68.24 points, representing a drop of 2.63 per cent.

The total value of transactions came up to €21,840.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes all fell, decreasing by 3.17 per cent, 0.18 per cent, 1.46 per cent and 0.55 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-2.55 per cent), Hellenic Bank (-7.36 per cent), Salamis Tours (+0.55 per cent), Demetra (-1.64 per cent), and Vassiliko Cement Works Public Company (no change).