Cyprus’ economy in January and February 2024

The Cyprus Statistical Service (Cystat) has announced the release on Friday, of its bimonthly bulletin, “Monthly Economic Indicators,” covering the period of January to February 2024.

Focusing on specific sectors, the Manufacturing sector in January 2024 witnessed an increase of 3.2 per cent compared to January 2023. Meanwhile, the area of Building Permits Authorised in January 2024 reached 198.2 thousand square meters, showing a slight decrease of 2.4 per cent compared to the same month in the previous year.

Significantly, the total registrations of Motor Vehicles surged by 45.0 per cent, amounting to 8,589 during January and February 2024. More specifically, private saloon cars saw an impressive increase, rising to 6,325, a jump of 50.1 per cent. Similarly, light goods vehicles also experienced a substantial rise, increasing to 765, which marks a 62.8 per cent increase compared to the period of January-February 2023.

Additionally, the Consumer Price Index rose by 1.8 per cent during the January-February 2024 period when compared to the same period in the previous year. In contrast, the total imports of goods during these months amounted to €1,698.4 million, recording a sharp decrease of 32.2 per cent. On the other hand, total exports of goods reached €554.1 million, showing a smaller decrease of 3.8 per cent.

Lastly, tourist arrivals showed a modest increase. The total number of tourists arriving during January and February 2024 was 212,995, compared to 209,630 in the corresponding period of 2023, reflecting a growth of 1.6 per cent.