Cyprus Business Now

The number of registered unemployed individuals in Cyprus in June 2023 reached its lowest level in the past 17 months, according to seasonally adjusted data released this week by the state’s statistical service.

However, based on the figures maintained by the District Employment Offices, there has been a recent increase in unemployment.

Specifically, based on the real data compiled by the District Employment Offices, the number of registered unemployed individuals at the end of June 2023 stood at 11,747, marking the highest number since last April.

Nevertheless, when considering the seasonally adjusted data that indicate the overall unemployment trend, the number of registered unemployed individuals in June 2023 decreased to 13,177, compared to 13,241 in the previous month.

This represents the lowest number of unemployed individuals since January 2022.

In comparison to June 2022, the Statistical Service reported a decrease of 585 individuals or 4.7 per cent based on the figures maintained by the District Employment Offices.

This decline can primarily be attributed to sectors such as trade, accommodation and food services, construction, and public administration, as well as a decrease in new entrants to the labour market.

According to a report released this week by the Cyprus Statistical Service (Cystat), the increase in business activity within the Manufacturing, Mining, and Electricity Supply sectors has led to a significant growth of over 7 per cent in industrial turnover in April 2023.

Specifically, in April 2023, the Industrial Turnover Index reached 175.3 units, with the base year being 2015, marking a 7.2 per cent increase compared to April 2022.

In addition, for the period of January to April 2023, the index recorded a remarkable growth of 14 per cent compared to the same period in the previous year.

According to the Statistical Service, in the manufacturing sector, the index reached 180.1 units in April 2023, marking a 7.8 per cent increase compared to April 2022.

In addition, there was also a significant rise in the Mining and Electricity Supply sectors, with increases of 21.1 per cent and 10.1 per cent respectively.

In contrast, the Water Supply and Waste Management sector experienced a decline of 21.2 per cent compared to April 2022.

These statistics indicate a positive and robust performance in the industrial sector, driven by the Manufacturing, Mining, and Electricity Supply sectors.

Finally, the increase in turnover reflects a surge in business activity and underscores the resilience of these industries despite challenging circumstances.

The Cyprus Stock Exchange (CSE) ended Thursday, July 6 with losses.

The general Cyprus Stock Market Index was at 116.52 points at 15:18 during the day, reflecting a decrease of 1.24 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 70.62 points, representing a drop of 1.28 per cent.

The total value of transactions came up to €62,260.

In terms of the sub-indexes, the main, alternative, and investment firm indexes fell by 1.64 per cent, 0.16 per cent and 2.62 per cent respectively, while the hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-2.01 per cent), Vassiliko Cement Works Public Company (no change), LCP Holdings and Investments (+1.25 per cent), Petrolina Holdings (-0.88 per cent), and Demetra Holdings (-0.92 per cent).