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The latest figures published by the Cyprus Statistical Service (CSE) on Friday, January 5, indicate a notable surge in tourism profits, witnessing an 8.3 per cent increase in October 2023, reaching €346.5 million. This marks a substantial uplift from the €319.8m recorded in October 2022.

Growing data for the period from January to October 2023 shows a positive trend in tourism revenue, estimated at €2,802.6m, representing a significant 22.6 per cent increase from the corresponding period in 2022 when revenue stood at €2,285.2m.

Analysing spending patterns, the average expenditure per person in October 2023 reached €812.95, reflecting a 1.8 per cent increase from the €798.20 reported in October 2022. This rise in individual spending contributes to the overall positive trend in the tourism sector.

The report highlights the key role of major tourist markets, with tourists from the United Kingdom constituting the largest market share at 36.2 per cent in October 2023, spending an average of €91.61 per day. Germany, the second-largest market with a 7.1 per cent share, recorded an average daily spending of €106.70, while Poland, the third-largest market at 6.7 per cent, demonstrated an average daily expenditure of €86.50.

In the industrial sector, there is cause for observance with a 9.1 per cent increase in the Turnover Index in October 2023. It reached 195.5 units, showcasing an impressive increase compared to October 2022. This positive momentum persists throughout the broader time frame, with a 6.7 per cent increase in the index for the period spanning January to October 2023, compared to the same period the previous year.

Breaking down the industrial landscape, manufacturing registered a substantial 13.7 per cent increase in the Industrial Turnover Index for October 2023.

Sectors such as mining and quarrying contributed significantly with a notable 23.1 per cent surge, along with water supply and materials recovery, which recorded a commendable 13.4 per cent increase. However, the electricity supply sector experienced a slight downturn, witnessing a decrease of 9.6 per cent.

 

The Cyprus Stock Exchange (CSE) completed on Friday, January 5 with the general Cyprus Stock Market Index remaining stable at 136.41 points, noting a negligible decline of 0.11 per cent. Throughout the week, it recorded a slight increase, closing 0.29 per cent higher.

Transaction activity for the day totalled €295,131, while the FTSE/CySE 20 Index mirrored the General Index’s movement, concluding at 82.81 points with a corresponding 0.11 per cent decline.

Examining sub-indexes, the investment indexes experienced a 0.70 per cent increase, while hotel indexes rose by 0.39 per cent.

Prominent among the individual stock movements were Demetra Investments, attracting notable investment interest with a closing price of €0.71, reflecting a 0.71 per cent increase. Logicom also drew attention, closing at €3.02 with a 0.67 per cent uptick. Other key performers included Hellenic Bank, closing at €2.25 with no change, Bank of Cyprus, closing at €3.42 with a 0.87 per cent decrease, and Vassiliko Cement, closing at €3.22 with a 1.26 per cent increase.

 

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