Cyprus Business Now

Cyprus’ Gross Domestic Product (GDP) is estimated to have reached €27 billion at the end of 2022, compared to €24 billion in 2021, at current prices, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, growth in real terms is estimated to have peaked at 5.6 per cent in 2022, compared to 6.6 per cent during the preceding year.

In terms of volume measures, which refers to fixed prices, Cyprus’ GDP amounted to €24.22 billion for the year 2022, compared to €22.93 billion in 2021.

For the fourth quarter of 2022, the Cypriot economy’s growth rate is estimated to have increased by 4.6 per cent, compared to the corresponding quarter of 2021.

After adjusting GDP for seasonal variations and working days, the growth rate is estimated to have reached 4.5 per cent.

According to data from the Statistical Service, the positive GDP growth rate has been primarily attributed to the solid performance of numerous sectors, including hotels and restaurants, transport and storage, as well as information and communications.

Additional sectors that helped to drive growth include wholesale and retail trade, motor vehicle repair, arts and entertainment, as well as other service activities.

The Producer Price Index in Industry in Cyprus reached 136.3 points in January 2023, with 2015 representing the base year, marking an increase of 17 per cent, compared to January 2022, according to a report by the Cyprus Statistical Service (Cystat) released this week.

Regarding the changes compared to the corresponding month of the previous year, there is an increase in the electricity supply sector by 36.6 per cent, mines and quarries by 18.2 per cent and manufacturing by 12.2 per cent.

Conversely, there was a decrease in the supply sector water and material recovery by 1.2 per cent.

By manufacturing sector, in January 2023, compared to the corresponding month of the previous year, increases were recorded in all economic activities, with the most important being in the production of other non-metallic mineral products by 21.2 per cent.

This was followed by increases in the food and beverage industry by 14.4 per cent, in the wood industry by 13.4 per cent, as well as in the manufacture of paper and paper products and printing by 10.6 per cent.

Compared to December 2022, there was a 2.4 per cent decrease in the producer price index in the industry in January.

Finally, for the above period, the index experienced an increase in the sectors of mining and quarrying by 3.8 per cent and manufacturing by 0.4 per cent, while it saw a decrease in the sectors of electricity supply by 8.9 per cent and water supply and materials recovery by 2.2 per cent.

The Cyprus Stock Exchange (CSE) ended Thursday, March 2 with losses.

The general Cyprus Stock Market Index was at 110.80 points at 12:46 during the day, reflecting a decrease of 2.27 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 66.98 points, representing a drop of 2.29 per cent.

The total value of transactions came up to €355,585.

In terms of the sub-indexes, the main and alternative indexes fell by 2.88 per cent and 0.05 per cent respectively, while the hotel and investment firm indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-3.64 per cent), Hellenic Bank (-3.83 per cent), Logicom (-3.67 per cent), and Salamis Tours (+3.26 per cent).