Cyprus Business Now

The latest figures published by the Cyprus Statistical Service on Friday revealed that there were no significant fluctuations in the Producer Price Index in Industry for November 2023.

The index stood at 138.3 units, with 2015 as the base year, marking a marginal increase of just 0.2 per cent compared to October 2023.

However, in comparison to the same month of the previous year, a decrease of 0.7 per cent was observed.

For the period of January to November 2023, the index exhibited a 5 per cent increase compared to the corresponding period in 2022.

In November 2023, when juxtaposed with October 2023, the index remained steady in the mining and quarrying sector.

However, it recorded a 1.5 per cent increase in the electricity supply sector and a 0.5 per cent increase in water supply and material recovery.

Conversely, a decrease of 0.2 per cent was noted in the manufacturing sector.

Regarding year-on-year changes, a rise of 5.2 per cent was observed in the mining and quarrying sectors and a 1.4 per cent increase in manufacturing.

Moreover, declines of 5.6 per cent in the electricity supply sector and 3.5 per cent in water supply and material recovery were recorded, when compared to the same month of the previous year.

Within the manufacturing sector, November 2023 witnessed increases in furniture construction, other manufacturing activities, the repair and installation of machinery and equipment (4.4 per cent), and the production of other non-metallic mineral products (4 per cent).

Additionally, increases were observed in petroleum refining products, chemicals, pharmaceutical products, and preparations (4 per cent), the food and beverage industry (2.3 per cent), as well as the production of textile materials, clothing items, and leather goods (2.2 per cent).

Finally, decreases were noted in the production of basic metals and manufacture of metal products (-5.6 per cent), paper production and paper products, printing (-0.8 per cent), production of rubber and plastic products (-0.3 per cent), as well as the manufacturing of electronic and optical products and electrical equipment (-0.3 per cent).

The Larnaca Hoteliers Association head Marios Polyviou this week expressed satisfaction with hotel occupancy and tourist arrivals in the city over the past month.

Despite challenges from conflicts in Gaza and Ukraine, the city extended its tourist season, with notably high hotel occupancy rates, especially in central hotels, even in November.

Moreover, Polyviou highlighted ongoing renovations in Pyla and Oroklini during the winter’s lower occupancy period, preparing for the next tourist season.

Comparing figures, he saw 2023 as the first successful post-COVID-19 year, estimating occupancy rates closely matching 2019.

While foreseeing a positive 2024, concerns lingered over the Israel-Hamas conflict’s impact on Cyprus’ second-largest market. He noted minimal losses in overall tourist numbers despite varying impacts from different markets.

Similarly, Famagusta Hoteliers Association President Panayiotis Constantinou deemed 2023 successful, with tourist arrivals close to 2019 levels and higher revenue.

He mentioned the diversion of tourists arriving in Cyprus to the north, affecting Famagusta’s tourism.

Constantinou highlighted reduced interest due to the Gaza conflict, impacting hotel occupancy rates by around 50 per cent.

Finally, he said that he expected a positive outlook for 2024 but noted reduced bookings presently due to the conflict’s influence on significant markets.

The Cyprus Stock Exchange (CSE) ended Friday, December 29 with gains.

The general Cyprus Stock Market Index was at 136.01 points at 17:20 during the day, reflecting an increase of 0.17 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 82.57 points, representing a rise of 0.16 per cent.

The total value of transactions came up to €319,695 until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes rose by 0.21 per cent, 0.72 per cent, 2.08 per cent, and 1.44 per cent respectively.

The biggest investment interest was attracted by KEO (-5.23 per cent), Salamis Tours (+1.91 per cent), the Bank of Cyprus (-0.89 per cent), Demetra (+2.13 per cent), Hellenic Bank (-0.89 per cent), Logicom (+1.34 per cent), and Blue Island (-0.6 per cent).