19.08.2022
According to a report released this week by the Statistical Office of Cyprus, international flights by residents of Cyprus to foreign countries increased in July.
According to the data, foreign travel of residents of Cyprus in July increased by 113.1% compared to the corresponding month of the previous year.
In net terms, during this time, 134,198 residents of Cyprus flew abroad, and as of July 2021, this figure was 62,961 people.
In addition, the statistical office noted that the most popular destinations for residents of Cyprus during this period were Greece with 42.8%, the UK with 12.2% and Italy with 6.1%.
The head of the Povek Union, Stefanos Kursaris, said this week that while discounts have given a boost to the retail market, they cannot fully offset the adverse effects of higher prices for materials, energy and rent.
Kursaris said the retail market has benefited from two major developments. One of them was the lifting of Covid-19 restrictions, which encouraged people to return to stores and make physical purchases after many consumers resorted to online ordering during the pandemic.
A second source of inspiration for Cypriot shopkeepers was the rise in the number of international tourists arriving during the first 8 months of the year, with the number of tourists reaching 80 percent of the number in 2019 before the pandemic brought the market to a halt.
On the other hand, he noted, there are also negatives, such as the ongoing surge in prices and higher electricity bills.
“Due to high prices and skyrocketing electricity bills, consumption and consumer psychology have suffered, which is also hurting businesses,” Kursaris said.
The Cyprus Stock Exchange (CSE) ended Thursday 18 August with a profit.
The overall Cypriot stock market index stood at 70.61 points at 13:21 during the day, reflecting an increase of 0.84% from the previous trading day.
The FTSE/CySE 20 index stood at 42.34 points, up 0.86%.
The total transaction value was 134,234 euros.
As for the sub-indices, the main, alternative and investment indexes of companies rose by 0.81%, 0.86% and 1% respectively, while the hotel index remained stable.
Bank of Cyprus (+0.89%), Petrolina (unchanged), Atlantic Insurance (+0.61%), Hellenic Bank (+1.15%) and Salamis Tours (+3.26%) attracted the most investment interest .
