Cyprus’ Composite Leading Economic Index (CCLEI), maintained by the University of Cyprus’ Economics Research Centre (CypERC), recorded a year-on-year increase of 1.1 per cent in September 2024.

This follows annual growth rates of 0.8 per cent and 0.4 per cent in August and July 2024, respectively, according to recently revised data.

The Economics Research Centre stated that the annual growth rate of the CCLEI remained positive and continued to expand in September 2024. In addition, nearly all components of the index contributed to this upward trend.

The Cyprus Stock Exchange (CSE) and Invest Cyprus, the country’s official investment promotion agency, signed a Memorandum of Understanding (MoU) on Friday.

According to a joint statement from the two organisations, the agreement aims to strengthen their collaborative efforts in attracting investments to Cyprus.

In addition, the announcement said that “the partnership will focus on a structured approach to shared goals, with an emphasis on knowledge-sharing and information exchange, aiming to boost Cyprus’s appeal as a prime destination for international investments”.

The Bank of Cyprus’ compliance team has received significant recognition from the Association of Compliance Officers in Greece, according to an announcement released this week.

The Compliance Awards ceremony took place in Athens, with Greek Minister of Economy and Finance Kostis Hatzidakis in attendance.

The Bank of Cyprus won the gold award for the best compliance team in the banking and financial sector, and the platinum award for the best compliance team across all sectors of the Greek economy.

The Cyprus Consumer Protection Service on Friday reported that inflation in September rose by 0.7 per cent year-on-year.

Agricultural products saw a month-on-month increase of 3.1 per cent, while a 4.78 per cent drop in petroleum prices contributed to moderating overall inflation.

Among 45 product categories monitored, 23 saw price increases, including nine categories with hikes above 2.0 per cent.

On the contrary, 21 categories recorded declines, while LPG cylinders remained unchanged. Agricultural products noted a steep increase of 3.1 per cent over August and 8 per cent compared to September last year. 

Cyprus introduced its first zero-emission vessel, Evploia Aphrodite, at Larnaca Marina this week, with the support of Deputy Shipping Minister Marina Hadjimanolis.

Evploia Aphrodite, developed by the Cyprus Marine and Maritime Institute (CMMI) with funding from the EU’s Co-Develop programme, is a fully electric vessel that reduces emissions along Cyprus’ coastline.

It’s part of the wider Zero Emission Sea Transporter (ZEST) initiative, designed to reshape the local maritime sector. With near-silent propulsion and a battery-powered system, the vessel is both eco-friendly and practical for short-sea routes, helping to protect Cyprus’ sensitive marine ecosystems. 

The Interior Ministry this week highlighted a rising demand for apartments, linking this trend with the number of people who have utilised housing assistance provided by revised support schemes.

This trend, the ministry said, is particularly evident in Nicosia, where people have leveraged these schemes to purchase flats, revitalising mountainous, border, and disadvantaged areas, as well as rural regions.

It also said its ongoing housing policy focuses on producing affordable housing stock and expanding options for both middle and low-income families.

Cypriot firm Embio Diagnostics on Friday announced that it recently represented the country at GITEX Global 2024, one of the world’s most prestigious technology and startup expos.

Constantinos Loizou, CEO of Embio Diagnostics, said that the company’s experience at GITEX Global 2024 “was transformative, both for our team and the future of our business”.

“We are excited to have shared our innovations with a global audience,” he continued, “deepening our expertise in the UAE market while showcasing Cyprus’ potential in the deep tech sector”.

The Cyprus Securities and Exchange Commission (CySEC) announced on Friday that it regards its active participation in this year’s World Investor Week (WIW) 2024 as a “complete success.”

This global initiative is organised by the International Organisation of Securities Commissions (IOSCO).

With activities designed around two core themes—financial risks associated with online “finfluencers” and the role of parents in financial education—CySEC’s efforts received high praise, including positive recognition from IOSCO, which published CySEC’s guides on the official WIW website.

The Cyprus Stock Exchange (CSE) ended Friday, October 25 with profits.

The general Cyprus Stock Market Index stood at 199.74 points at 12:39 during the day, reflecting an increase of 1.47 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 121.72 points, representing an increase of 1.48 per cent.

The total value of transactions came up to €1,086,509 by the aforementioned time during trading.

In terms of the sub-indexes, the investment firm, main market, hotel, and alternative market indexes increased by 2.82 per cent, 1.81 per cent, 0.87 per cent, and 0.20 per cent, respectively.

The biggest investment interest was attracted by Hellenic Bank with €848,772.31 (up by 2.56 per cent), Demetra Holdings with €170,715.13 (up by 2.86 per cent), Bank of Cyprus with €44,503.88 (up by 0.23 per cent), Blue Island with €10,373.71 (up by 7.85 per cent), and Vassiliko Cement Works Public Company Ltd with €3,400.00 (up by 1.19 per cent).