Cyprus Business Now

The average gross monthly earnings of employees in Cyprus is estimated to have reached €2,546 during the fourth quarter of 2022, according to a report released on Friday by the Cyprus Statistical Service (Cystat).

This marks a year-on-year increase of 5.9 per cent when compared to the fourth quarter of 2021 when the average gross monthly earnings stood at €2,404.

What is more, the report also showed that seasonally adjusted average gross earnings are estimated to have reached €2,237 during the fourth quarter of 2022.

This represents an increase of 1.8 per cent when compared to the third quarter of the same year.

Moreover, the average gross monthly earnings of men during the fourth quarter of 2022 are estimated to have reached €2,735, while the same figure stood at €2,312 for women.

Compared to the fourth quarter of 2021, the average monthly earnings of men and women increased by 6.6 per cent and 4.7 per cent respectively.

Finally, the service clarified that the report references preliminary data.

On Friday, the Statistical Service released data indicating that the Producer Price Index in Industry for the month of February 2023 had increased by 18.1 per cent. The index reached 138.6 units (base 2015=100) for the month, compared to the corresponding month of the previous year.

The data also showed that there was an increase in the sectors of electricity supply, which rose by 44 per cent, mines and quarries with an 18.2 per cent increase, and manufacturing by 11.7 per cent. On the other hand, the water supply and materials recovery sector saw a decrease of 4.1 per cent.

When analysed by each manufacturing sector, all economic activities recorded an increase in February 2023, compared to the corresponding month of the previous year.

The largest increases were seen in the production of other non-metallic mineral products, which rose by 22.2 per cent, followed by an increase of 13.9 per cent in the manufacture of paper and paper products and printing, and a 13.6 per cent increase in the food and beverage industry.

Additionally, there was an increase of 10.1 per cent in the wood industry, 9.5 per cent in the manufacture of furniture, other manufacturing activities, and repair and installation of machinery and equipment, and an 8.5 per cent increase in the manufacture of rubber and plastic products.

Compared to January 2023, the index increased by 0.2 per cent in February, with the index remaining flat in the mining and quarrying and electricity supply sectors. Meanwhile, the water supply and materials recovery sectors increased by 0.4 per cent, and manufacturing by 0.2 per cent.

Overall, the index for the period of January-February 2023 recorded an increase of 18.4 per cent compared to the corresponding period of 2022.

The Producer Price Index in Industry is a crucial indicator of inflationary trends, as it measures the average change over time in the prices received by producers of goods and services. These latest data show a significant increase in producer prices, which could eventually lead to higher consumer prices.

The rise in electricity supply and mining and quarrying sectors is particularly noteworthy, as these sectors play a critical role in driving economic growth. Meanwhile, the decrease in the water supply and materials recovery sector highlights the need for further investment in these areas.

The Statistical Service’s data provides valuable insights for policymakers, businesses, and investors, who can use it to assess economic trends and make informed decisions. As the global economy continues to grapple with the effects of the COVID-19 pandemic, the Producer Price Index in Industry remains an important barometer of economic recovery and growth.

The Cyprus Stock Exchange (CSE) ended Friday, March 31 with profits.

The general Cyprus Stock Market Index was at 104.71 points at 13:32 during the day, reflecting an increase of 0.26 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 63.27 points, representing a rise of 0.25 per cent.

The total value of transactions came up to €154,483.

In terms of the sub-indexes, the main index rose by 0.19 per cent while the hotel, investment firm and alternative indexes fell by 1.36 per cent, 0.92 per cent and 0.07 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (+1.2 per cent), KEO PLC (-2 per cent), Hellenic Bank (+0.31 per cent), Logicom (-0.95 per cent), and Vassiliko Cement Works Public Company (+0.75 per cent).