Cyprus Business Now

In an encouraging sign for the Cyprus economy, the Wholesale Trade Turnover Index experienced a remarkable 11.1 per cent increase during the first quarter of 2023, according to a recent report released by the Cyprus Statistical Service.

Simultaneously, the Trade and Repair of Motor Vehicles Turnover Index saw a substantial rise of 19.9 per cent compared to the corresponding period in the previous year.

The sale of motor vehicles witnessed a notable surge of 24.4 per cent compared to the same period last year, while vehicle maintenance and repair increased by 10.2 per cent.

Additionally, the sale of parts and accessories for motor vehicles recorded a growth of 15.3 per cent, with the sale, maintenance, and repair of motorcycles and their respective parts and accessories experiencing a substantial rise of 26.5 per cent.

Wholesale trade for remuneration or under contract demonstrated a significant increase of 24.3 per cent, while wholesale trade of raw agricultural materials and live animals increased by 4.4 per cent.

The wholesale trade of food, beverages, and tobacco observed a notable growth of 15.7 per cent, while the wholesale trade of household goods increased by 15.2 per cent.

Furthermore, the wholesale trade of information and communication equipment saw a substantial rise of 16.6 per cent, and the wholesale trade of other machinery, equipment, and supplies increased by 11.6 per cent.

In a significant move towards sustainable transportation, the Department of Electromechanical Services is proceeding with the installation process of charging points for 32 electric vehicles that will be delivered to various public departments and services.

It is worth noting that the electric vehicles were acquired through an open bidding process conducted by the Department, with a total expenditure of approximately €1.08 million.

According to information obtained by the Cyprus News Agency, the Department concurrently initiated a process to acquire an equivalent number of charging points, which is expected to be finalized next week.

As reported to the agency, the cost of these charging points amounts to around €400 to €500 each, covering the purchase and installation of charging units capable of delivering 11 kilowatts of three-phase power.

The installation of these charging points is expected to commence immediately following the signing of the respective agreement.

This development marks a significant step forward in promoting electric mobility and reducing the environmental impact of transportation within public sectors.

The Cyprus Stock Exchange (CSE) ended Friday, June 23 with losses.

The general Cyprus Stock Market Index was at 117.11 points at 12:33 during the day, reflecting a decrease of 0.31 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 70.82 points, representing a drop of 0.32 per cent.

The total value of transactions came up to €81,805.

In terms of the sub-indexes, the main, alternative, investment firm, and hotel indexes all fell, dropping by 0.35 per cent, 0.41 per cent, 0.42 per cent and 1 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (-0.67 per cent), Hellenic Bank (+0.52 per cent), Blue Island (no change), Logicom (-1.8 per cent), and Demetra Holdings (no change).