Cyprus Business Now

Cyprus’ retail sector experienced a notable surge during 2023, with a remarkable 8.9 per cent increase in the value of turnover, according to a report released this week by the state’s statistical service.

The volume index for retail turnover also witnessed a significant uptick, rising by 5.8 per cent for the period of January to December 2023, compared to the same period in 2022.

The annual data indicates a positive trend in the retail landscape, reflecting economic resilience and consumer confidence.

Moreover, according to the statistical service, the turnover value index recorded an 8.9 per cent rise, while the turnover volume index increased by 5.8 per cent throughout the year 2023.

Breaking down the figures for December 2023, the Value Turnover Index exhibited a 4.2 per cent increase compared to the same month in the previous year.

At the same time, the Volume Turnover Index for December 2023 showed a notable rise of 3.4 per cent compared to December 2022.

Frou Frou, the long-standing Cypriot biscuit brand, announced this week that it has made its grand entrance into the Greek market.

According to the announcement, Frou Frou Morning Coffee Chocos will now be made available in Greece.

Frou Frou Morning Coffee Chocos were first launched in the Cypriot market in 2021, with the company noting that they garnered great success, before saying that they now seek to do the same in Greece.

“Packaged in a cylindrical metal container of 400 grams, the Frou Frou Morning Coffee Chocos not only reflect their high quality but also ensure the protection of the product,” the company said.

The products are now available at Sklavenitis stores across Greece.

The upcoming visit of the Governor of the Bank of Spain, Pablo Hernández de Cos, to Cyprus on February 5-6 is being deemed as particularly significant, according to reports released on Friday.

As reported by the Cyprus News Agency (CNA), the Spanish Central Bank chief will be visiting Cyprus upon the invitation of Constantinos Herodotou, the governor of the Central Bank of Cyprus (CBC).

The two governors are set to discuss recent developments in the eurozone and beyond, exploring ways to enhance technical cooperation between the two Central Banks.

In addition, de Cos is scheduled to meet with the Minister of Finance Makis Keravnos, as well as representatives from key sectors of the Cypriot economy.

This meeting will provide an opportunity for an exchange of views on various economic matters.

Pablo Hernández de Cos, besides being the Governor of the Bank of Spain, also holds the position of the president of the Basel Committee on Banking Supervision.

This committee sets international banking standards with the aim of ensuring the smooth operation, supervision, and practices of the banking sector to guarantee financial stability.

The Cyprus Stock Exchange (CSE) ended Friday, February 2 with profits.

The general Cyprus Stock Market Index was at 137.94 points at 16:54 during the day, reflecting an increase of 0.39 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 83.72 points, representing a rise of 0.4 per cent.

The total value of transactions came up to €304,616.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.65 per cent and 0.65 per cent respectively. The hotel index remained unchanged while the alternative index fell by 0.01 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.29 per cent), Hellenic Bank (+0.43 per cent), Demetra (+0.66 per cent), Logicom (+2.04 per cent), Atlantic Insurance (+), and Keo (-1.23 per cent).