Cyprus Business Now

Cyprus’ Composite Leading Economic Index (CCLEI) fell by 0.9 per cent in March 2024, when compared to the same month from the previous year, according to a report released on Monday by the University of Cyprus Economic Research Centre (CypERC).

This follows a 0.6 per cent decrease in February and a 0.2 per cent increase in January, both from the current year, as per the recent revised figures.

According to the estimates included in the centre’s report, international developments and inevitable uncertainties were key contributing factors to the drop in the index in March 2024.

The Cyprus government recorded a fiscal surplus of €918.7 million in 2023, constituting 3.1 per cent of the Gross Domestic Product (GDP), with government debt reaching €23.03 billion, accounting for 77.3 per cent of GDP, according to a report by the state’s statistical service released on Monday.

Total revenues for 2023 soared by €1.37 billion, marking an impressive 11.9 per cent surge to reach €12.91 billion, compared to €11.53 billion in 2022.

Specifically, production and import taxes witnessed an increase of €403.6 million (+10 per cent), totalling €4.43 billion, compared to €4.03 billion in 2022.

Former Cyprus Airways CEO Paul Sies has joined travel-tech company Journey Mentor as president and chief executive officer, according to an announcement released on Monday.

Journey Mentor, which is based in the United Kingdom, offers small and medium-sized airlines, travel
agents and TMCs with a range of white-label services related to the travel ecosystem, including searching, booking, pricing, buying and inventory control.

Journey Mentor stated that Sies’ appointment is the latest step in the company’s strategy to steadily grow and develop the business.

The Cyprus Employers and Industrialists Federation (Oev) has highlighted some of the key labour issues it addressed during 2023, ahead of its annual general assembly scheduled for Tuesday, April 23, an event that will be attended by president Nikos Christodoulides.

Oev noted that “by the end of 2023, businesses continued to face significant challenges, primarily stemming from the shortage of human resources, across almost all sectors of economic activity, and inflation”.

Travel Expo Cyprus 2024, organised by the Association of Cyprus Travel and Tourism Agents (ACTA), kicked off during the weekend, April 19 to 21, with a wave of optimism for the new tourist season.

The exhibition, attended by 45 exhibitors, was inaugurated at the state fair grounds in Nicosia.

The event saw the joint inauguration by the Deputy Minister of Tourism Kostas Koumis and the Ambassador of Greece to Cyprus Ioannis Papameletiou, alongside welcoming remarks from the President of ACTA, Charis Papacharalambous.

During his opening speech, Koumis highlighted the significance of “Travel Expo Cyprus 2024” as a fundamental event not only for the general public, who are keen on exploring new destinations but also for the broader tourism industry.

The newly appointed governor of the Central Bank of Cyprus (CBC) Christodoulos Patsalides has deemed today’s interest rate disparity between lending and deposit rates in Cyprus unsatisfactory, suggesting various considerations for closing the gap in favour of the economy.

Patsalides’ remarks were made following a meeting with Finance Minister Makis Keravnos, during which broader economic issues were discussed.

According to Keravnos, the meeting involved a comprehensive discussion on the economy and financial stability, exploring further collaboration avenues within the context of crucial geopolitical developments.

“Certainly, with Mr Patsalides, we will have continuous and close collaboration for the common good, which is the benefit of our economy,” stated the Minister of Finance.

The Cyprus Stock Exchange (CSE) ended Monday, April 22 with profits.

The general Cyprus Stock Market Index was at 144.57 points at 12:53 during the day, reflecting an increase of 0.31 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 87.74 points, representing a rise of 0.31 per cent.

The total value of transactions came up to €189,010, until the aforementioned time during trading.

In terms of the sub-indexes, the main, investment firm and hotel index rose by 0.58 per cent, 1.27 per cent and 0.13 per cent respectively. The alternative index fell by 0.41 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (+0.86 per cent), Demetra (+1.29 per cent), the Cyprus Cement Public Company (-0.71 per cent), and K+G Complex Public Company no change).