23.08.2022
Paphos Hotel Owners Association (Pasyxe) Thanos Michaelidis said on Monday that hotel occupancy in the area was hovering between 80 and 85 percent, falling to around 70 percent in September.
Speaking to the Cyprus News Agency (CNA), Michaelides said that these figures are satisfactory and represent an increase both from previous months and from the previous two years.
However, they are still not as high as the occupancy rates recorded in 2019, which was a record year for the number of tourists. In addition, Michaelides once again lamented the loss of the Russian and Ukrainian tourism markets, stressing that they were not fully compensated by other markets.
President Pasyxe also said that while many Cypriots were visiting hotels in the Paphos area, the total number was not as high as in 2021, although it should be noted that Covid-19 restrictions were in place at the time, inadvertently boosting domestic tourism.
As for the expected occupancy rate of 70% in September, Michaelides said it would have been higher were it not for the many problems the aviation industry is facing, and staffing shortages across Europe have led to the cancellation of many flights. As for other tourism markets, Michaelides said the UK remains the region’s main source of tourists, although other countries are also showing interest, including Poland, Austria, Germany and Israel.
The total volume of imports and exports of goods to Cyprus increased from January to May 2022, with the European Union being the main source of supply of goods to Cyprus, according to a report published on Monday by the Statistical Office of Cyprus (Cystat).
Between January and May 2022, total imports of goods from both EU Member States and third countries amounted to EUR 4.46 billion , compared to EUR 3.29 billion for the corresponding period from 2021. This represents an increase of 35.7% per annum. – per year.
Total merchandise exports to both EU Member States and third countries between January and May 2022 amounted to EUR 1.51 billion compared to EUR 1.02 billion in the same period in 2021, up 47% in on an annualized basis.
The trade deficit of Cyprus for this period of time amounted to 2.957 billion euros, compared to 2.26 billion euros for the corresponding period of 2021. Moreover, according to the report, the EU was the main source of supply of goods to Cyprus between January and May 2022, with a share of 2.78 billion euros in total imports.
Meanwhile, imports from other European countries for the same period amounted to 381.2 million euros. The total value of imports from the rest of the world was 1.3 billion euros. In addition, exports to EU member states amounted to 424.2 million euros, while exports to the rest of Europe amounted to 162.4 million euros.
Finally, the total value of exports to the rest of the world reached 925.1 million euros.
The Cyprus Stock Exchange (CSE) ended Monday, August 22, with a profit.
The overall Cypriot stock market index stood at 73.43 points at 13:47 during the day, reflecting an increase of 2.23% from the previous trading day.
The FTSE/CySE 20 index stood at 44.05 points, up 2.23%.
The total transaction value was 183,579 euros.
As for the sub-indices, the main, alternative and investment indexes of companies rose by 2.73%, 0.26% and 0.49% respectively. The hotel index remained stable.
Bank of Cyprus (+7.23%), Logicom (-0.57%), Hellenic Bank (+2.17%), Demetra Holdings (+0.52%) and Cyprus Cement Company attracted the highest investment interest.
