Cyprus Business Now

Minister of Agriculture, Maria Panayiotou, praised the economic value of the wine industry and revealed plans for global promotion through international events and financial support. She highlighted the government’s commitment to supporting the wine sector, emphasizing its potential to drive the country’s economic development. This sentiment was expressed during her speech at the 11th Cypriot Wine Exhibition in Ayia Napa, which underscored the Famagusta Wine Club’s significant role in enhancing the region’s wine industry, particularly in terms of tourism and consumption.

Concurrently, the beer industry also showed robust performance, with a notable increase in shipments. In March 2023, total beer deliveries rose by 10 per cent year-on-year, as reported by the Cyprus Statistical Service (Cystat), indicating strong demand in the domestic market.

Further reflecting the economy’s upward trajectory, the services sector experienced significant growth in 2023. The Employers and Industrialists Federation (Oev) reported substantial increases in several sectors, with accommodation and catering services leading the way, followed by gains in administrative, support, professional, scientific, technical, and information and communication services.

In response to economic challenges, Kedipes unveiled a new repayment plan for non-performing loans (NPLs) secured by primary residences. This initiative, developed in collaboration with doValue Cyprus, aims to provide custom solutions for borrowers, emphasizing the organization’s dedication to addressing financial stability and supporting homeowners.

Additionally, the fiscal health of Cyprus demonstrated remarkable strength, with the General Government’s surplus significantly exceeding expectations in the early months of the year. This financial resilience, as reported by Cystat, underscores the robust economic environment in Cyprus, laying a strong foundation for future growth and stability.

In a broader regional context, discussions on energy connectivity are advancing, with the management of Greece’s Independent Power Transmission Operator (Admie) scheduled to meet with Cypriot and Israeli officials. These talks will focus on the Great Sea Interconnector project, which aims to link the electricity grids of Cyprus, Greece, and Israel, signifying a strategic move towards enhanced regional energy collaboration and sustainability.

During the first stock market meeting of the week, Monday, the Cyprus Stock Exchange (CSE) registered gains. Specifically, the General Index of the CSE closed at 143.49 points, marking an increase of +0.18 per cent.

Similarly, the FTSE/CySE 20 Index witnessed a rise, closing at 87.10 points with gains of 0.23 per cent.

As for individual shares, Frou-Frou’s stock remained stable at €0.298, despite a significant turnover of €540 thousand.

Meanwhile, the Bank of Cyprus shares experienced a modest increase of 0.27 per cent, closing at €3.70 with a volume of €112.6 thousand. In addition, Hellenic’s share edged higher to €2.35, registering a +0.43 per cent change with a trading volume of €12 thousand.

The daily volume of transactions on the CSE amounted to €715 thousand, summing up the day’s active trading session.