23.09.2022
According to data published on Thursday by the Statistical Office of Cyprus (Cystat), the Wholesale Trade Value Index in Cyprus in the second quarter of 2022 increased by 33.4% compared to the corresponding quarter of the previous year.
In the first half of 2022, wholesale trade increased by 30.8% compared to the first half of 2021.
In addition, the auto sales and repair turnover value index increased by 12.7% in the second quarter of 2022 compared to the corresponding quarter of the previous year.
The largest growth occurred in the sale, maintenance and repair of motorcycles and related parts and accessories – by 20 percent. In addition, car sales rose by 9.3%.
In the first half of 2022, vehicle sales and repairs grew by 16.2% year-over-year.
Ratings agency DBRS Morning Star this week announced that it had revised down its growth forecast for Cyprus due to more pessimistic global growth forecasts that take into account rising inflation and growing uncertainty due to the war in Ukraine.
In its updated forecasts, the agency cut Cyprus’ growth outlook for 2022 by 0.2% to 3.2%.
In addition, the growth forecast for 2023 was revised down by 0.7% to 2.8%.
The agency said it expects growth of 3.4% and 3.5% in 2022 and 2023, respectively. “High inflation, energy and labor shortages, and rising interest rates are key drivers of the bleak global outlook,” the agency added.
The Cyprus Stock Exchange (CSE) ended Thursday, September 22, with losses.
The overall Cypriot stock market index stood at 77.10 points at 13:24 during the day, reflecting a 0.03% drop from the previous trading day.
The FTSE/CySE 20 Index stood at 46.26 points, down 0.06%.
The total transaction value was 51,876 euros.
As for the sub-indices, the main index and the index of investment companies rose by 0.16% and 1.38%, respectively. The alternative index fell 0.32%, while the hotel index remained stable.
Bank of Cyprus (no change), Logicom (-1.15%), Hellenic Bank (+0.2%), Cyprus Cement Company (-0.85%) and Demetra Holdings (+1.46%) attracted the highest investment interest ).
