Cyprus business update

According to a report released by the Cyprus Statistical Service (CyStat) this week, Cyprus’ GDP growth rate in real terms during the third quarter of 2021 is positive and estimated at 5.5 per cent year-on-year.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 5.6 per cent.

The positive GDP growth rate is mainly attributed to the sectors of hotels and restaurants, manufacturing, transport, storage and communication, wholesale and retail trade, repair of motor Vehicles, the arts, entertainment and recreation, as well as other service activities.

The Turnover Value Index of Retail Trade, excluding motor vehicles, for September 2021 rose by 12.4 per cent compared to the corresponding month of the previous year, according to the Cyprus Statistical Service (Cystat).

For the same month, the Turnover Volume Index of Retail Trade rose by 7.7 per cent compared to the corresponding month of the previous year.

For the period between January and September of 2021, the value index is estimated to have recorded an increase of 9.3 per cent, while the volume index rose by 7.9 per cent year-on-year.

The Cyprus Stock Exchange (CSE) ended Thursday, December 2 with minor profits.

The main Cyprus Stock Market Index was at 67.51 points at 13:022 during the day, reflecting a rise of 0.24 per cent over the previous day of trading, while the FTSE / CySE 20 Index was at 40.43 points.

The total value of transactions came up to €33,842.

In terms of sub-indexes, the invest firm index rose by 1.47 per cent, while the main index rose by 0.73 per cent. The alternative index fell by 0.23 per cent, while the hotel index remained stable.

The biggest investment interest was attracted by Petrolina (no change), Louis (+9.71 per cent), Bank of Cyprus (-0.93 per cent), Logicom (-1.88 per cent) and Atlantic Insurance (+1.23 per cent).