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The Central Government of Cyprus saw its total debt rise to €23.83 billion as of June 30, 2023, according to a report by the state’s Public Debt Management Office.

The latest figures indicate an increase of €700 million compared to the previous quarter.

A detailed breakdown of the debt reveals that €825.8 million is attributed to domestic securities, with €74.4 million being government bonds, €395.2 million in domestic bonds, and €356.3 million in bonds for individuals or savings certificates.

In addition, €14.45 billion consists of foreign securities, specifically medium-term European bonds.

Furthermore, the overall debt from loans amounted to €8.55 billion, out of which €8.3 billion are foreign loans and €250 million are domestic loans.

It is worth noting that the Central Government debt figures exclude liabilities towards the Social Insurance Fund, Public Legal Entities falling under the Central Government, and Local Authorities.

Moreover, the reported debt represents approximately 99 per cent of the General Government’s total debt as of June 30, 2023.

The continuous rise in government debt highlights the challenges faced by the Central Government in managing fiscal responsibilities and the need for prudent financial planning to address economic concerns effectively.


The Industrial Production Index in Cyprus marked a notable 3 per cent surge in May 2023, according to a report released by the Cyprus Statistical Service (Cystat).

The index reached 141.6 points, with 2015 being set as the base year, in comparison to May 2022, signalling positive growth in the country’s industrial sector.

According to the report, the manufacturing sector experienced a substantial 4.7 per cent rise compared to May 2022.

Further growth was observed in the sectors of water supply and waste management, increasing by 12.2 per cent, and mining and quarrying, rising by 4.8 per cent.

However, the production of electricity experienced a setback with a decrease of 8.2 per cent.

Within the manufacturing sector, significant positive changes were seen in the production of basic metals and metal products, soaring by 19.5 per cent, textile and clothing materials, rising by 17.5 per cent, and machinery and transport equipment, including motor vehicles and other transport-related equipment, showing an impressive 11.7 per cent increase.

On the other hand, there were negative changes in the furniture manufacturing and repair or installation of machinery and equipment activities, dropping by 7.7 per cent, as well as in the production of petroleum, chemical, and pharmaceutical products, which fell by 1.4 per cent.

The cumulative data for January to May 2023 showed a growth of 0.7 per cent compared to the same period last year, indicating a continuous but moderate upward trend in the industrial sector.

A more in-depth comparison between the January-May 2023 period and the corresponding period in 2022 highlighted significant increases in waste material recovery, surging by 17.9 per cent, production of textile and clothing materials, which spiked by 17.8 per cent, and production of basic metals and metal products, which rose by 10.9 per cent.

Additionally, mining and quarrying activities saw an 8.1 per cent rise, while the manufacturing of non-metallic mineral products witnessed a 7.6 per cent increase.

Conversely, electricity generation faced a notable decrease of 11.5 per cent, furniture manufacturing, and repair/installation of machinery and equipment dropped by 6.8 per cent, and water collection, processing, and supply decreased by 6.5 per cent.


The Cyprus Stock Exchange (CSE) ended Monday, July 31 with profits.

The general Cyprus Stock Market Index was at 117.22 points at 13:24 during the day, reflecting an increase of 1.38 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 70.92 points, representing a rise of 1.42 per cent.

The total value of transactions came up to €174,272.

In terms of the sub-indexes, the main, alternative and investment firm indexes rose by 1.76 per cent, 0.59 per cent, and 2.67 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Petrolina Holdings (-1.74 per cent), Demetra (+2.8 per cent), the Cyprus Cement Company (no change), and Vassiliko Cement Works Public Company (+0.71 per cent).

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