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Cyprus’s Contemporary Business Landscape

Cyprus’ Transportation and Storage Sector Shows Growth

The latest report released by the Cyprus Statistical Service (Cystat) reveals promising trends in Cyprus’ transportation and storage sector. According to the report, the Business Turnover Index in Transportation and Storage reached 143.1 units in the fourth quarter of 2023, indicating a notable 6 per cent increase compared to the same period in 2022, using 2015 as the base year.

Sector-Wide Growth

In comparison to the previous year, all individual economic activities within the sector experienced growth. Air transportation and storage and support activities for transportation led the way with a significant increase of 10.9 per cent. Land transportation followed closely with an 8.6 per cent growth, while postal and courier activities and maritime transportation saw more modest rises of 0.6 per cent and 0.4 per cent, respectively.

Positive Performance Throughout 2023

The Work Activity Index in Transportation and Storage for the period from January to December 2023 surged by 16 per cent compared to the same period in 2022. These statistics reflect a positive trend in the sector’s performance and economic activities throughout the specified periods.

Industrial Development Opportunities

In line with fostering industrial growth, the Ministry of Energy, Commerce, and Industry has announced the availability of industrial plots for lease in strategic locations. Industrial areas in Frenaros, Kokkinotrimithia, Paphos (Ayia Varvara), and Ypsonas (Ayios Sylas) are open for interested parties. The detailed spatial plans attached to the notification outline the available opportunities. Interested parties can apply for a lease by submitting a completed special form (BP1) along with the necessary supporting documents outlined in the provided guide. The deadline for submitting applications is April 15, 2024. This initiative aims to facilitate and encourage industrial development in these areas, offering businesses opportunities to establish a presence in well-established industrial zones.

Cyprus Stock Exchange Performance

Turning to the financial sector, the Cyprus Stock Exchange (CSE) closed on Tuesday, February 20 with profits. The general Cyprus Stock Market Index rose to 142.61 points, reflecting a 0.35 per cent increase over the previous day’s trading. Similarly, the FTSE/CySE 20 Index saw a rise of 0.37 per cent, reaching 86.64 points. The total value of transactions amounted to โ‚ฌ212,875. In terms of sub-indexes, both the main and alternative indexes experienced growth, rising by 0.11 per cent and 1 per cent, respectively. The hotel and investment firm index remained stable. Notable interest was seen in stocks such as the Bank of Cyprus (+0.85 per cent), Salamis Tours (+2.86 per cent), and Logicom (no change), among others.

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