Cyprus Business Now

The Ministry of Finance this week stated that while the Cypriot economy is facing a period of increased uncertainty, its growth rate remains relatively high compared to other EU countries, something which showcases its resilience.

According to a preliminary estimate from the Statistical Service, Cyprus’ GDP growth rate reached 3.4 per cent in the first quarter of the year, which is the second-highest among the EU Member States and surpassed both the Eurozone and EU averages of 1.3 per cent and 1.2 per cent respectively.

What is more, the ministry stressed that these figures demonstrate the resilience of the Cypriot economy, despite the ongoing challenges, with the main concern being persistent but declining inflation.

The ministry added that the slowdown expected in 2023 will be less severe than in other EU countries, thanks to prudent fiscal policies, effective economic management by the government, and the implementation of the National Recovery and Resilience Plan.

“With a high growth rate amid a highly uncertain external economic environment, it indicates that the slowdown for 2023 will not be as sharp as for other countries in the EU,” the announcement said.

The Minister of Agriculture Petros Xenophontos this week announced that Cyprus will allocate over €22 million in European resources to support grape growers and winemakers.

The funds will be distributed as part of the National Support Programme for the Viticulture Sector, running until October.

Xenophontos stressed the need for winemakers to intensify their efforts in promoting Cypriot wines in third countries.

In celebration of International Xynisteri Day, a white wine-tasting event was recently held in the Mallia community, organised by the Cyprus Winemakers’ Association, the Cyprus Winemakers’ Association, and the KEO company.

The minister welcomed this initiative, recognising its contribution to strengthening the wine sector in Cyprus.

The event complements the establishment of an International Day for the red Cypriot native variety Maratheutiko on December 1, an initiative by the OinoArt Group of Wine Lovers.

In addition, he highlighted its role in producing wines with protected designation of origin (PDO) or protected geographical indication (PGI), varietal wines, Commandaria, and traditional dishes.

Finally, the minister expressed confidence in the quality and international potential of Cypriot wines, particularly native varieties like Xynisteri and Marathevtiko.

The Cyprus Stock Exchange (CSE) ended Wednesday, May 17 with profits.

The general Cyprus Stock Market Index was at 110.22 points at 13:25 during the day, reflecting an increase of 0.25 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 66.68 points, representing a rise of 0.27 per cent.

The total value of transactions came up to €149,889.

In terms of the sub-indexes, the main index rose by 0.44 per cent while the alternative index fell by 0.11 per cent. The investment firm and hotel indexes remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (no change), Salamis Tours (no change), Pandora (-2.3 per cent), and Constantinou Bros Hotels (no change).