Cyprus Business Now

The implementation of development expenditures in the Cyprus state budget for the year 2023 has reached 72 per cent, compared to 70 per cent in 2022 and 69 per cent, the annual average of the last decade, according to a report released this week by the Treasury.

The actual development expenses for 2023 amounted to €1.03 billion, an increase from €782.11 million in 2022 and €639.54 million in 2021.

The increased implementation of development expenses in 2023, compared to 2022, is primarily attributed by the Treasury to the heightened execution of capital expenditures.

This increase is notably due to expenditures on the road network, reaching 85 per cent, up from 75 per cent in 2022, and construction projects, which reached 75 per cent, up from 59 per cent in 2022.

These expenses mainly involve the grant given to the Natural Gas Public Company (DEFA) for using it as own funds in EAC for the construction of the required infrastructure for the arrival of liquefied natural gas in Cyprus, amounting to €30.5 million.

Moreover, there is an increased implementation of expenses for works and projects co-financed by European funds, reaching 66 per cent, up from 56 per cent in 2022.

The implementation of capital expenditures for the year 2023 amounted to €474 million, co-financed and other financial expenditures to €227 million, grants, contributions, and subsidies to €212 million, social benefits to €81 million, and other development expenses to €43 million.

The state budget, prepared on a cash basis for the year 2023, shows a 14 per cent increase in revenue, with €9.77 billion being recorded during 2023, up from €8.56 billion in 2022.

There was also an 8 per cent increase in expenses, with €12 billion recorded in 2023, up from €11.14 billion in 2022.

According to the Treasury, the projected increase in revenue is mainly due to the rise in direct and indirect taxes by €0.96 billion and €0.53 billion, respectively, while the anticipated increase in expenses is primarily attributed to the rise in salaries, pensions, and grants by €0.24 billion.

Regarding the implementation of the state budget, at the end of 2023, total revenue reached €9.94 billion, corresponding to 102 per cent of the budget. In 2022, the same figures stood at €9.26 billion and 108 per cent respectively.

In addition, actual expenses amounted to €10.92 billion, representing 91 per cent implementation, up from €10.16 billion in 2022, while the implementation percentage remained the same year-on-year.

President Nikos Christodoulides this week held a constructive meeting with a delegation from the Cyprus Employers & Industrialists Federation(Oev), during which specific actions to support businesses were agreed upon.

We delved into various issues regarding economic developments in the country, and exchanged views on certain matters,” Oev president Antonis Antoniou said.

He also noted that specific actions were agreed upon to in order to support businesses in Cyprus.

Moreover, he said that the presidency will “probably announce the next moves and decisions to be taken”.

When asked by a journalist about the decisions, Antoniou mentioned that he would not like to elaborate on it further.

Responding to another question, he stated that they discussed labour issues, the energy sector, and matters related to tax reforms, among other topics.

“But some of these have specific considerations that are expected to be implemented in a quicker manner,” he said.

In response to another question, Antoniou said that the agenda was open, and there was no specific planned topic.

He mentioned that there was an exchange of views, and they were informed about the actions taken by the presidency, especially regarding medium-term decisions.

Finally, he said that they exchanged thoughts “for more immediate actions”.

The Department of Business and Public Administration at the University of Cyprus has launched a unique Postgraduate Programme in Human Resource Management (MScHRM).

Professor Eleni Stavrou, the Programme Director, underscored the pivotal role of Human Resource Management (HRM) in the overall competitiveness, efficiency, and viability of organisations.

The MScHRM is designed to provide comprehensive and in-depth knowledge in the field of HRM, equipping graduates with a substantial competitive edge in their professional journeys.

The duration of the studies ranges from 3 to 8 semesters, accommodating diverse learning needs.

Stavrou explained that the programme has been developed according to the highest standards adopted in similar programs at leading universities, internationally.

“Through the lectures offered, the programme provides the academic knowledge and background for specialisation in human resource management,” she said.

“At the same time, through the workshops, it prepares HR professionals with the state-of-the-art practical tools to better manage the human resources of their respective organisations,” she added.

“Human Resource Management is an essential component in the competitiveness, efficiency, and viability of any organisation,” Stavrou concluded.

The Cyprus Stock Exchange (CSE) ended Friday, February 16 with losses.

The general Cyprus Stock Market Index was at 141.37 points at 13:23 during the day, reflecting a decrease of 0.77 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 85.85 points, representing a drop of 0.77 per cent.

The total value of transactions came up to €268,321.

In terms of the sub-indexes, the main, alternative, and investment firm indexes fell by 1.03 per cent, 0.3 per cent, and 2.78 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.57 per cent), Hellenic Bank (-0.43 per cent), Demetra (+0.57 per cent), Blue Island (no change), and Logicom (no change).