Cyprus Business Now

President Nikos Christodoulides this week underscored the government’s commitment to the shipping industry and praised the multifaceted work of the Cyprus Shipping Chamber (CSC) during a formal meeting held at the Presidential Palace.

According to a statement issued by the chamber, the CSC’s board of directors briefed President Christodoulides on current matters pertaining to the Cypriot maritime industry and presented industry recommendations in addressing the challenges it faces.

During the constructive discussion that ensued, it was noted that despite Cyprus’ shipping sector remaining a robust pillar of the national economy, maintaining close and continuous collaboration and communication with the maritime administration of Cyprus is crucial for its sustainability, further improvement, and substantial contribution to the country’s economy.

Moreover, the president emphasised the government’s recognition of the significance of the shipping industry and the comprehensive efforts of the chamber.

In addition, he pledged full support from the government on all matters discussed, ensuring the sector’s sustainable future.

The government’s commitment to the shipping sector highlights its strategic importance in driving economic growth and prosperity for Cyprus.

Employment in Cyprus’ broader industrial sector saw a 4.4 per cent increase in 2021, while the sector’s production value experienced a significant 15.1 per cent growth, reaching €5.43 billion in current prices.

Additionally, the value-added in the overall industry rose by 7.5 per cent.

According to the Industry Survey of 2021, published by the Statistical Service this week, employment in the broader industrial sector rose by 4.4 per cent to 40.9 thousand people, compared to 39.1 thousand people in 2020.

Within the manufacturing sector, 36.0 thousand individuals were employed, while the mining and quarrying sector accounted for 0.6 thousand jobs.

Moreover, the electricity supply sector employed 2.2 thousand people, and the water supply, sewage treatment, and waste management sector employed 2.1 thousand individuals.

Moreover, the overall industrial sector’s production value increased by 15.1 per cent to €5.43 billion in 2021, compared to €4.719 billion in 2020.

In terms of specific industries, manufacturing saw an 11.6 per cent rise in production value to €4.002 billion, while the electricity supply sector experienced a substantial growth of 27.6 per cent to €944.9 million.

The water supply, sewage treatment, and waste management sector recorded a 25.0 per cent increase to €408.5 million, and the mining and quarrying sector saw a 13.0 per cent growth to €74.6 million.

The value-added in the overall industry increased by 7.5 per cent to €1.882 billion in 2021, compared to €1.751 billion in 2020.

Within manufacturing, the value-added rose by 7.7 per cent to €1.419 billion, while the water supply, sewage treatment, and waste management sector experienced a notable growth of 17.9 per cent to €190.2 million.

Finally, the mining and quarrying sector also saw a significant increase of 19.0 per cent to €31.0 million. However, the electricity supply sector experienced a slight decline of 1.4 per cent to €241.5 million.

The Cyprus Stock Exchange (CSE) ended Friday, July 7 with profits.

The general Cyprus Stock Market Index was at 116.88 points at 16:18 during the day, reflecting an increase of 0.22 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 70.68 points, representing a rise of 0.24 per cent.

The total value of transactions came up to €217,136.

In terms of the sub-indexes, the main, alternative, and investment firm indexes rose by 0.48 per cent, 0.02 per cent and 2.69 per cent respectively, while the hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.34 per cent), Vassiliko Cement Works Public Company (-0.74 per cent), Atlantic Insurance (+6.45 per cent), and Demetra (+2.83 per cent).