Cyprus Business Now

Cyprus has witnessed a significant upswing in vehicle registrations, with a remarkable 32.5 per cent annual increase during the first ten months of 2023, compared to the same period in 2022, according to a report released this week by the Cyprus Statistical Service.

The total number of registered vehicles reached 38,503, up from 29,062. Moreover, in October 2023, vehicle registrations nearly doubled in comparison to October 2022.

Notably, of the 38,503 new registrations within the first ten months of 2023, 1,809 were electric vehicles, and 8,875 were hybrids.

Specifically, registrations for passenger saloon cars increased by 34.1 per cent, reaching 30,897 registrations compared to 23,045 in the same period of 2022.

Out of the total saloon car registrations, 12,651, or 40.9 per cent, were new, while 18,246, or 59.1 per cent, were used cars.

What is more, rental cars experienced a 40.6 per cent increase, with a total of 5,157 registrations.

Furthermore, bus registrations increased to 279 during January-October 2023, compared to 72 in the same period of 2022.

Registrations for commercial vehicles rose to 3,676 during the same period in 2023, compared to 3,181 in 2022, marking a 15.6 per cent increase.

Specifically, light trucks increased by 12.2 per cent to 2,872, heavy trucks by 41.9 per cent to 444, road tractors by 65.8 per cent to 126, and rental vehicles by 0.4 per cent to 234.

According to the data, registrations for motorcycles of more than 50cc increased to 263 during January-October 2023, compared to 214 during the same period in 2022. Registrations for motorcycles less than 50cc increased by 30.7 per cent to 2,927 during the same period in 2023, compared to 2,239 in 2022.

In October 2023, total motor vehicle registrations reached 4,223, marking a significant 70.2 per cent increase compared to 2,481 in October 2022.

Finally, registrations for passenger saloon cars saw an 82.5 per cent increase, reaching 3,398 from 1,862 in October 2022.

The executive committee of the Cyprus Chamber of Commerce and Industry (Keve) this week met with House Speaker Annita Demetriou, discussing issues concerning the economy, Cyprus’ development, and other business-related issues.

According to an announcement by the chamber, the meeting discussed the budget, the Recovery and Resilience Fund and its implementation prospects, port tariffs, the law on divestments, the legislative regulation of strikes in essential services, immigration and leases in industrial areas, as well as other issues pertaining to industrial zones.

As mentioned in the announcement, Keve president Christodoulos Angastiniotis expressed the chamber’s satisfaction with the understanding shown by Demetriou on the issues discussed, and added that the chamber will maintain an open channel of communication with the House Speaker.

Meanwhile, on her part, the House Speaker assured the chamber’s executive committee that the close cooperation with Keve will continue.

The Cyprus Stock Exchange (CSE) ended Wednesday, November 8 with losses.

The general Cyprus Stock Market Index was at 126.77 points at 12:05 during the day, reflecting a decrease of 0.24 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 76.90 points, representing a drop of 0.26 per cent.

The total value of transactions came up to €40,290.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.4 per cent, 0.07 per cent and 0.77 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.68 per cent), Hellenic Bank (+0.46 per cent), Demetra (-0.8 per cent), Pandora (-1.99 per cent), and Vassiliko Cement Works Public Company Ltd (+0.67 per cent).