Cyprus Business Now

The total sales of petroleum products in Cyprus decreased by 6.7 per cent in March 2023, compared to the same month in 2022, while showing an increase of 3.7 per cent compared to February 2023, according to the Statistical Service.

Between January and March 2023, the total sales of petroleum products fell by 5.1 per cent compared to the same period in 2022.

The Statistical Service reported that in March 2023, the total sales of petroleum products were 111,817 tons, marking a decrease of 6.7 per cent compared to March 2022.

There was a decrease in oil supplies to ships (-37.8 per cent), kerosene sales (-71.1 per cent), heating oil (-45.5 per cent), and LPG (-39.6 per cent).

In contrast, an increase was recorded in the supply of oil to aeroplanes (22.3 per cent), as well as in the sales of asphalt (81.6 per cent), heavy fuel oil (8.2 per cent), diesel (7.5 per cent), and gasoline (6.7 per cent).

Sales from petrol stations showed a decrease of 5.6 per cent to 56,211 tons.

Moreover, the total sales of petroleum products during March 2023 compared to February 2023 increased by 3.7 per cent, according to the Statistical Service.

Indicatively, the supplies of oil to aeroplanes increased (23.8 per cent), as well as the sales of diesel (19.1 per cent) and gasoline (17.5 per cent).

Finally, total petroleum inventories at the end of March 2023 decreased by 6.4 per cent compared to the end of the previous month.

The Industrial Production Index marked a 0.6 per cent increase in February 2023, compared to the same period last year, according to the Cyprus Statistical Service (Cystat).

This comes after a 0.6 per cent decrease in the first month of the year, with industrial production remaining stable in the period between January and February 2023 when compared to the corresponding period in 2022.

The IPI reached 125.4 units (base 2015=100) in February 2023, with the manufacturing sector showing a 0.9 per cent increase in the same period.

The electricity supply sector also recorded a 0.2 per cent increase. However, the sectors of mines and quarries and water supply and material recovery recorded a negative change of -2.6 per cent and -2.5 per cent, respectively.

The manufacturing sector saw positive changes in certain economic activities compared to February 2022.

These include the food, beverage, and tobacco industry (+6.7 per cent), machinery and equipment manufacturing, motor vehicles and other transport equipment (+4.8 per cent), production of refined petroleum products, chemicals and products and pharmaceutical products and preparations (+4.4 per cent), and production of textiles, clothing and leather goods (+3.2 per cent).

On the other hand, the manufacturing activities of electronic and optical products and electrical equipment (-30.2 per cent), manufacturing of other non-metallic mineral products (-5.2 per cent), and manufacturing of rubber and plastic products (-5.0 per cent) recorded negative changes.

Comparing the rates of change for the period between January and February 2023 with the corresponding period of the previous year, the most significant increases are observed in the recovery of materials (+25.2 per cent), the manufacture of other non-metallic mineral products (+12.2 per cent), and mines and quarries (+10.5 per cent).

The most significant reductions in production were observed in the manufacture of electronic and optical products and electrical equipment (-38.2 per cent), water collection, treatment, and supply (-19.0 per cent), and electricity supply (-9.5 per cent).

The Cyprus Stock Exchange (CSE) ended Thursday, April 27 with losses.

The general Cyprus Stock Market Index was at 106.68 points at 12:42 during the day, reflecting a decrease of 0.80 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 64.51 points, representing a drop of 0.78 per cent.

The total value of transactions came up to €57,527.

In terms of the sub-indexes, the alternative index rose by 0.52 per cent while the main index fell by 1.08 per cent. The investment firm and hotel indexes remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-3.23 per cent), Hellenic Bank (no change), Blue Island (+9.8 per cent), Salamis Tours Holdings (+8.08 per cent), Vassiliko Cement Works Public Company (-0.72 per cent).