Cyprus Business Now

The Producer Price Index (PPI) in Cyprus’ industrial sector for the year 2023 witnessed a notable decrease of 4.5 per cent on an annual basis, according to a report released on Wednesday by the Cyprus Statistical Service (Cystat).

This comes as a stark contrast to the robust 22.6 per cent increase recorded in 2022, signalling a marked deceleration in industrial prices.

The report showed that the PPI for December reached 138.5 units, with 2015 being designated as the base year, reflecting a marginal 0.2 per cent increase compared to November 2023.

Looking at the year-on-year trends, the PPI registered a decline of 0.8 per cent in December 2023 compared to the same month in 2022, marking the sixth consecutive month of reduction.

Breaking down the data by manufacturing sectors, December 2023 showcased increases in the production of furniture, other processing activities, and repair, as well as the installation of machinery and equipment (4.6 per cent).

Similarly, growth was observed in the production of non-metallic mineral products (4.5 per cent), petroleum refining, chemicals, pharmaceuticals, and pharmaceutical preparations (4.1 per cent), textile material production, clothing, and leather goods (2.2 per cent), and the food and beverage industry (2.1 per cent).

Conversely, declines were noted in the production of basic metals and the construction of metal products (5.9 per cent), paper and paper product manufacturing and printing (0.9 per cent), production of rubber and plastic products (0.4 per cent), and the manufacture of machinery and equipment, motor vehicles, and other transport equipment (0.2 per cent).

The statistical service explained that the PPI can serve as an early indicator of inflationary pressures in the economy.

In a bid to foster technological advancement and address the evolving demands of the job market, the Deputy Ministry of Research, Innovation, and Digital Policy has announced an upcoming “Open Day” for the groundbreaking “ICT Re-Up Skilling” programme.

Scheduled for Friday, February 02, 2024, at 15:00, the event will take place at the Training Centre of the Digital Security Authority.

This innovative pilot programme is specifically designed for the upskilling and retraining of individuals, whether employed or unemployed, who possess academic qualifications in science or economics.

The initiative aims to equip participants with the essential knowledge and skills needed to thrive in the dynamic field of Information and Communication Technologies (ICT).

Selected candidates will undergo comprehensive training, paving the way for them to tap into new professional opportunities across sectors with a growing demand for ICT expertise.

Notably, several prominent companies affiliated with CITEA, including A. Th. Loizou, IBM, NCR, NetU, Oracle, Powersoft, and PwC, have expressed their willingness to hire successful candidates based on written exams and personal interviews conducted post-training.

For those seeking more details, comprehensive information about the programme can be accessed on the ministry’s website and its social media channels.

The Cyprus Stock Exchange (CSE) ended Wednesday, January 31 with profits.

The general Cyprus Stock Market Index was at 136.98 points at 13:31 during the day, reflecting an increase of 0.56 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 83.13 points, representing a rise of 0.57 per cent.

The total value of transactions came up to €145,548 until the aforementioned time during trading.

In terms of the sub-indexes, the main and alternative indexes rose by 0.56 per cent and 0.42 per cent respectively. The investment firm fell by 0.67 per cent while the hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (+1.18 per cent), Hellenic Bank (+0.44 per cent), Demetra Holdings (-0.68 per cent), Logicom (+1.38 per cent), and Petrolina (+0.93 per cent).