Cyprus Business Now

The latest figures published by the Cyprus Statistical Service (CSS) indicate a notable surge in both construction output and construction producer prices profits. Both construction output and construction producer prices increased significantly in the third quarter of 2023 compared to the corresponding quarter of 2022. The increase in production in construction is primarily attributed to buildings, while in producer prices, it is mainly due to the substantial 24.3 per cent increase in the prices of civil engineering projects.

According to the CSS, the Production Index in Construction during Q3 of 2023 reached 186.29 units, marking an increase of 7.9 per cent compared to Q3 of 2022. By project type, there was a notable increase of 9.4 per cent in buildings and a marginal decrease of 0.3 per cent in civil engineering projects in Q3 of 2023 compared to the corresponding quarter of 2022.

Furthermore, the Producer Price Index in Construction for Q3 of 2023 reached 137.27 units, indicating a 1.7 per cent increase compared to Q2 of 2023. In comparison to the corresponding quarter last year, the index increased by 6.0 per cent. By project type, there was a 1.2 per cent increase in buildings and a substantial 24.3 per cent increase in civil engineering projects in Q3 of 2023 compared to the corresponding quarter of 2022.

The cabinet approved today the grant of a lump sum for 2024 to beneficiaries of the Guaranteed Minimum Income (GMI).

According to a relevant announcement, this is a proposal by the minister of social welfare to grant a lump sum for 2024 to welfare recipients, who receive a rent subsidy through the mortgage-to-rent (MtR) scheme for vulnerable lenders.

The rent allowance will be decreased by any rent received from other sources. However, the reduction in housing support for beneficiaries in the MtR will be fully offset by a lump sum payment in 2024.

On Thursday, January 11, the Cyprus Stock Exchange (CSE) reported losses in trading. The General Index of the CSE concluded at 136.15 points, representing a decrease of 0.65 per cent. Similarly, the FTSE/CySE 20 Index closed at 82.64 points, reflecting a decline of 0.67 per cent.

The Bank of Cyprus share closed at €3.41, indicating a loss of 0.87 per cent, with a trading volume of €111.4 thousand. Fidelity, invested in the Bank of Cyprus, acquiring 310,237 shares valued at $1.09 million, as announced today.

The Hellenic Bank share remained unchanged at €2.25, with a trading volume of €58 thousand. ATL, with a turnover of €6.8 thousand, closed unchanged at €1.71. The overall value of transactions on this day amounted to €206.9 thousand.