The Retail Sales Value Index in Cyprus recorded a year-on-year increase of 8.7 per cent in May 2023, while the Retail Sales Volume Index remained more subdued at 6.1 per cent, reflecting the ongoing impact of high prices.

According to a report released this week by the Cyprus Statistical Service (Cystat), for the period of January to May, the Retail Sales Value Index marked a 12.1 per cent increase on an annual basis, while the corresponding Retail Sales Volume Index exhibited a smaller growth rate of 7.6 per cent.

It is worth noting that among the economic activities comprising the Sales Value Index, only the retail trade of motor fuels in specialised stores experienced a significant increase of 12.6 per cent. However, a decrease was observed for the January-May period as a whole.

The overall growth in retail sales value indicates increased consumer spending, albeit moderated by the rising cost of goods and services.

The data reflects the ongoing challenges faced by consumers in managing their household budgets amidst inflationary pressures.

The Cyprus Chamber of Commerce and Industry (Keve) this week announced that a conference will soon take place which will explore the journey towards sustainable tourism, including the applicable grant programme and best practices.

“Sustainability is recognized as a significant competitive advantage and a crucial element in promoting tourist destinations,” the chamber said in a statement.

“In the future, the competitiveness of the tourism sector will depend directly on offering more sustainable travel experiences,” it added.

Moreover, the chamber said that “embracing sustainability not only attracts environmentally conscious tourists but also helps destinations become resilient to the adverse effects of climate change and over-tourism”.

In this context, the Cyprus Chamber of Commerce and Industry said that it is organising a conference titled “Journey towards Sustainable Tourism: Grant Programme and Best Practices” on Wednesday, July 12, 2023, at 17:00 PM, at the Alion Beach Hotel in Ayia Napa.

The main objective of the conference is to present best practices in sustainable development within the tourism industry.

Additionally, during the conference, Keve will announce the official grant programme that will be implemented as part of the European project “Island Sustainable Tourism Action through Resilient SMEs” (I-STARS).

This programme aims to provide financial support to tourism businesses seeking to transition towards sustainability.

The conference will be conducted in Greek and is open to the public. A networking reception will follow the event. Attendance registration is required, and interested individuals can visit this link to register.

For further information, you can contact Georgia Venizelou at Keve, by phone at 22-889840 or via email at [email protected].

The Cyprus Stock Exchange (CSE) ended Tuesday, July 4 with profits.

The general Cyprus Stock Market Index was at 116.71 points at 13:29 during the day, reflecting an increase of 0.17 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 70.58 points, representing a rise of 0.16 per cent.

The total value of transactions came up to €53,219.

In terms of the sub-indexes, the main index rose by 0.08 per cent. The investment firm and alternative index fell by 1.76 per cent and 0.06 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+1.05 per cent), Logicom (-5.22 per cent), Demetra Holdings (-1.85 per cent), Atlantic Insurance (-0.62 per cent), Hellenic Bank (no change), and Vassiliko Cement Works Public Company (no change).