02.07.2022
The Central Bank of Cyprus released a report this week that notes that the country’s International Investment Position (IIP) improved slightly at the end of the first quarter.
In addition, the net external debt of Cyprus decreased by 2.23 billion euros, despite the deterioration in the country’s current account balance.
According to preliminary data for the first quarter, the net position of Cyprus in international investment amounted to 28 billion euros, compared with 28.78 billion euros in the last quarter of the previous year.
After the relevant data was adjusted for the impact of the SPE, IIP recorded a net liability position of -8.99 million euros at the end of the first quarter of 2022 compared to a net liability position of -10.15 million euros at the end the previous quarter.
In addition, Cyprus’ current account deficit widened from €865.9 million in the first quarter of 2021 to €1.06 billion in the first quarter of 2022.
When adjusted for the impact of Special Purpose Entities (SPEs), which assumes SPEs are classified as non-residents, the deficit in the first quarter is €1.01 billion compared to a deficit of €682.7 million in the corresponding period of 2021.
The Cyprus Shipping Chamber (CSC) said on Friday that the development of a climate strategy, as well as ongoing efforts to meet emissions targets, were discussed at a board meeting of the European Community Ship Owners Association (ECSA).
The meeting, held the day before in Brussels, also included a discussion of the organization’s next steps and a common strategy aimed at further strengthening its competitiveness and representing the interests of shipowners before EU politicians.
The European Community Shipowners’ Associations (ECSA) comprise the national shipowners’ associations of the EU.
The meeting was chaired by former President of the Cyprus Chamber of Shipping and current President of ECSA Philippos Filis.
Cyprus was represented at the meeting by the general director of the chamber, Thomas Kazakos, who is also the president of the ECSA State Assistance Committee, as well as a member of the Cyprus Shipowners’ Union, Nicolas Hadgioannou.
According to a report from the Statistical Office of Cyprus (Cystat) released on Friday, the May 2022 retail trade turnover value index rose by 23.9% year-on-year in May 2022.
In addition, in the same month, the Retail Turnover Index increased by 12.2% compared to the same period last year.
From January to May 2022, the Value Index is estimated to have increased by 12.9% and the Volume Index by 3.4% compared to the same period in 2021.
In value terms, the largest growth in May this year was recorded in the retail trade of motor fuel in specialized stores – 55.1%.
It is followed by retail trade in computers and telecommunications equipment, curtains, carpets, books, stationery, sports equipment, toys, plants, watches and jewelry with a share of 36.3%. Trade in textiles, clothing and footwear increased by 24.3%.
The Cyprus Stock Exchange (CSE) ended Friday, July 1st with losses.
The overall Cypriot stock market index stood at 67.72 points at 15:31 during the day, reflecting a 0.41% drop from the previous trading day.
The FTSE/CySE 20 Index stood at 40.49, down 0.47%.
The total transaction value was 60,736 euros.
As for the sub-indices, the main index and the investment company index decreased by 1.08% and 5.27%, respectively, while the hotel and alternative indexes remained stable.
Bank of Cyprus (+2.46%), Demetra (-5.64%), Hellenic Bank (-0.49%), Atlantic Insurance (no change) and Vassiliko Cement Works (no change) attracted the highest investment interest.
