Cyprus Business Now

Cyprus’ registered unemployment figures witnessed an eight-month low in December 2023, according to seasonally adjusted data by the Cyprus Statistical Service (Cystat).

According to the report, the number of registered unemployed individuals at the end of December 2023 reached 13,670 individuals, marking the highest figure since April 2023 based on data collated by the District Labour Offices.

However, when considering data adjusted for seasonal fluctuations, indicating the unemployment trend, the number of registered unemployed individuals decreased to 11,838 in December 2023 compared to 11,909 in the previous month.

This showcases the lowest number of unemployed individuals, at least since January 2011, for which there is available data.

Compared to December 2022, the Statistical Service reported a decline of 2,462 individuals, reflecting a drop of 15.3 per cent.

This decline is primarily attributed to sectors such as financial and insurance activities, accommodation and food services, commerce, the construction sector, as well as newcomers entering the job market.

December saw a decline in inflation to 1.6 per cent on an annual basis, maintaining the same rate as the one recorded in November 2023, according to a report released this week by the state’s statistical service.

Importantly, this figure aligns with the target set by the European Central Bank for inflation to remain below 2 per cent.

The inflation rate for December 2023 increased by 1.6 per cent, marking the lowest figure since August 2023 and the second-lowest in the last 31 months (since April 2021).

Following a decrease to a 31-month low of 1.47 per cent in July 2023, inflation experienced an upward trend in the subsequent two months (August and September – 2.64 per cent and 4.02 per cent, respectively).

However, it returned to a downward trajectory in October of the same year, presenting an increase rate of 3.47 per cent.

According to the Statistical Service, the Consumer Price Index (CPI) in December 2023 decreased by 1.22 units, reaching 115.29 units compared to 116.51 units in November 2023.

For the period from January to December 2023, the CPI recorded a 3.5 per cent increase compared to 8.39 per cent for the same period in 2022, signalling a notable deceleration in the inflation rate.

The Cyprus Stock Exchange (CSE) ended Thursday, January 04 with profits.

The general Cyprus Stock Market Index was at 136.21 points at 13:26 during the day, reflecting an increase of 0.21 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 82.71 points, representing a rise of 0.22 per cent.

The total value of transactions came up to €139,573 until the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, and investment firm indexes rose by 0.23 per cent, 0.25 per cent and 0.7 per cent respectively. The hotel index fell by 1.21 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Logicom (+0.67 per cent), Demetra (+1.43 per cent), Hellenic Bank no change), and Vassiliko Cement Works Public Company (no change).