Cyprus Business Now

Construction Price Index

The Construction Price Index in Cyprus experienced a deceleration for the third consecutive quarter in April, indicating a slight alleviation of inflationary pressures within the sector.

The monthly Construction Materials Price Index tracks the progression of material costs incurred by contractors.

Data provided by the Statistical Service reveals that the Construction Materials Price Index for April 2023 stood at 135.59 units, with the base year being 2015, reflecting a decrease of 0.23 per cent compared to the previous month.

In comparison to the same period last year, the index demonstrated a rise of 2.18 per cent. This increase is notably lower than the 8.15 per cent surge witnessed in March and the 10.7 per cent surge observed in February.

Examining the main product categories, notable increases were recorded in minerals (23.09 per cent), mineral products (12.05 per cent), electromechanical goods (3.12 per cent), and wood, insulation, chemical, and plastic products (2.73 per cent).

Conversely, a significant decrease of 9.82 per cent was observed in metal products.

Business Mission to Kazakhstan

The Cyprus Chamber of Commerce and Industry (Keve), in collaboration with the Ministry of Energy, Commerce, and Industry, is organising a tripartite business mission to Almaty, Kazakhstan, scheduled to take place from 20 to 23 June 2023.

Leading the delegation will be George Papanastasiou, the Minister of Energy, Commerce, and Industry.

The objective of the business forum, as stated in the chamber’s announcement, is to provide participating companies with the opportunity to access the vast economic market of Kazakhstan.

“This is particularly significant due to the signing of the Double Taxation Avoidance Agreement between the Republic of Cyprus and Kazakhstan in 2019,” Keve said.

While the focus will primarily be on sectors such as services, technology (ICT), investment funds, oil, and gas, considerable efforts will also be made to attract entrepreneurs from various industries to participate in the mission.

It should be noted that the maximum number of participating companies for this business mission is set at 20.

Commitment to Energy Transition

Energy, Commerce, and Industry Minister George Papanastasiou this week expressed a shared commitment to a rapid transition to a green economy during an event held at Frederick University.

The occasion focused on “Energy Transition: International Best Practices and the Cyprus Energy Sector,” with Andreas Poullikkas, President of the Cyprus Energy Regulatory Authority (CERA), serving as the keynote speaker.

According to an announcement, Frederick University honoured Poullikkas for his notable international research and written contributions to the energy sector.

Minister Papanastasiou meanwhile emphasised the importance of implementing policies that promote the use of modern technologies and infrastructure, while embracing best practices in energy efficiency, renewable energy sources, and circularity.

The event also featured addresses by Professor Giorgos Demosthenous, Rector of Frederick University, and Director of the UNESCO Chair for Lifelong Learning and Adult Education.

Demosthenous acknowledged the significant global challenge posed by the energy transition and emphasised the role of research and innovation in addressing it.

He also expressed pride in Frederick University’s contribution to developing new technologies and solutions in the energy sector.

Cyprus Stock Exchange Update

The Cyprus Stock Exchange (CSE) ended Thursday, May 18 with losses.

The general Cyprus Stock Market Index was at 109.58 points at 13:15 during the day, reflecting a decrease of 0.62 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 66.28 points, representing a drop of 0.61 per cent.

The total value of transactions came up to €42,763.

In terms of the sub-indexes, the main index fell by 0.85 per cent, while the alternative and hotel indexes rose by 0.12 per cent and 0.86 per cent respectively. The investment firm remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-1.51 per cent), Hellenic Bank (no change), Logicom (-1.8 per cent), and Louis PLC (-3.01 per cent).