18.10.2022
The gross domestic product (GDP) of Cyprus has been revised up to 24.01 billion euros at current prices for 2021 and to 21.89 billion euros for 2020, according to a report published on Monday by the Statistical Office of Cyprus (Cystat). In addition, real growth rates were estimated at negative 4.4 percent and positive 6.6 percent for 2020 and 2021, respectively.
According to the report, the revision of data for 2010-2018 was the result of integrating the results of horizontal reservations imposed on all member states of the European Union. Moreover, the service also stated that for 2019-2020, in addition to the conclusions of the Horizontal Reserves, changes were made as a result of the refinement of the Supply and Use Tables, as well as the integration of the final results from the annual financial reviews.
The Association of Mediterranean Chambers of Commerce and Industry (ASCAME), a non-profit international organization representing the Mediterranean private sector, celebrated its 40th anniversary this week. More than 300 chambers of commerce and industry, including the Cypriot Keve, and other similar organizations from 23 countries on both banks of the region take part in the association.
At the event, which was attended by more than 1,000 representatives, senior representatives from the public and private sectors congratulated the association on its achievements during this time and praised its role in bringing the region’s business world together.
In his welcome speech, the President of ASCAME and the Alexandria Chamber of Commerce, Ahmed El Wakil, said that “since 2009, together we have implemented more than 100 projects for the development of the Mediterranean worth 300 million euros, with European funding reaching 80 percent.”
El Wakil said the association has also set up more than 40 sectoral forums in the region’s most important cities to strengthen economic and business cooperation in the Mediterranean.
“These forums have been attended by over 180,000 business people from the Mediterranean and the rest of the world over the past 15 years, resulting in over 300,000 business meetings,” he said.
“The total volume of trade in goods of the Mediterranean countries that are members of ASCAME is approximately 5.6 trillion euros,” he added. In addition, the president of the association stated that “with a combined GDP of more than 14.4 trillion euros, the total foreign trade of these countries is almost 55% of GDP.”
Finally, El Wakil stated that in addition to trade in goods in the ASCAME area, investments between its member countries amount to a total of about 1.95 trillion euros.
Bank of Cyprus Chief Executive Marios Skandalis used his speech at the International Compliance Forum held in Nicosia on Friday to reaffirm the support Cyprus has received in its efforts to combat financial crime from both the United Kingdom and the United States .
Skandalis said that support was reaffirmed by the attendance of government officials from both countries, including Eric Woodhouse, Deputy Assistant Secretary of State for Threats, Finance and Sanctions at the US State Department.
Woodhouse praised the efforts of the Republic of Cyprus in combating money laundering and indicated the US intention to continue and deepen cooperation with Cyprus regarding the implementation of economic sanctions against Russia.
Woodhouse said the US has recognized the “significant and impressive work of the Republic of Cyprus in strengthening anti-money laundering regulations”, adding that it looks forward to further progress in the coming years.
“I am proud of the strong EU-US ties and bilateral relationship with the Republic of Cyprus,” he added, noting support for export controls as well as enforcement of sanctions.
Moreover, in his speech, Woodhouse emphasized the important role of people working in the financial sector in the implementation of sanctions in order to “inflict a strategic defeat on Russia.”
“We will continue to move in this direction with our partners and allies until Russia changes its attitude,” Woodhouse explained, adding that “those who do business with Russian proxies will also face sanctions.”
In addition, Woodhouse also spoke about the important role of the private sector in the implementation of the sanctions, as they involve freezing bank accounts, blocking transactions and terminating customer relationships.
Regarding the sustainability of strategic choices, Woodhouse said “the goal is to keep international markets functioning, especially for essential goods,” citing energy and food as examples.
Meanwhile, Skandalis’ address focused on the three pillars of sustainability, the environment, the economy and society.
He explained that the three pillars provide “a solid foundation for central decisions such as land use, water management and building design”, noting that this conserves natural resources and the economy while improving living standards.
Speaking specifically about the economic aspect of sustainability, Skandalis said it was “the art of balance”, referring to obtaining economic benefits while protecting the other two aspects.
“Regulators and standards makers have shown the importance of compliance in monitoring and achieving sustainability,” said Skandalis, stressing that the question is not whether we can be sustainable, but whether we choose to be.
Moreover, Duncan Tessier, Director of Economic Crime at the UK Home Office, said that the most important aspect in the response of the state apparatus to money laundering and financial crime, as well as in the implementation of sanctions, is cooperation with both international partners such as Cyprus, as well as with the private sector.
Finally, Markus Player, Deputy Director General of the German Federal Ministry of Finance, congratulated the organizers of the event for making sustainable development a central theme of the conference, especially in the midst of serious economic and political challenges.
Player stressed that partnerships and information sharing between the public and private sectors are key to fighting financial crime.
“When the world sees how criminals use their malicious games to increase their financial influence and gain political power, it calls into question the rule of law and institutions, which leads to a corrupt society,” Player said.
The Cyprus Stock Exchange (CSE) closed on Monday, October 17, without notable changes.
At 13:45 during the day, both the overall Cypriot stock market index and the FTSE/CySE 20 index remained stable compared to the previous trading day.
The total transaction value was 20,048 euros.
As for the sub-indices, the main index and investment companies index decreased by 0.27% and 1.89%, respectively. The alternative index rose by 0.46%, while the hotel index did not change compared to the previous value.
Bank of Cyprus (no change), Cyprus Cement Public Company (no change), Petrolina Holdings (+0.96%) and Vassiliko Cement Works Public Company Ltd (+1.56%) attracted the most investment interest.
