31.08.2022
According to a report published this week by the Cypriot Statistical Office (Cystat), total sales of petroleum products in Cyprus fell slightly in July, with sales at filling stations falling for the second month in a row.
According to the data, the total volume of sales of petroleum products in July reached 115,926 tons, which is 0.7% less than in July 2021.
The decrease was recorded in the sale of light (-38.7 percent) and heavy (-12.8 percent) fuel, asphalt (-22.2 percent), gasoline (-11.5 percent) and diesel fuel (-11.3 percent) .
On the contrary, oil supplies to aircraft (60.3%) and ships (37.9%), as well as sales of kerosene (57.4%) and heating oil (8.9%) increased.
As for sales from gas stations, they fell by 13.3% to 51,868 tons.
This is the second consecutive month of decline after a 6.8% year-on-year drop on the back of an earlier sharp rise in global fuel prices following the Ukrainian crisis.
In addition, the total sales of petroleum products in July 2022 compared to June 2022 decreased by 8.2%.
Aircraft oil shipments increased by 2.7%, while sales of gasoline and diesel fell by 2.9% and 2.7%, respectively.
Total oil reserves at the end of July 2022 increased by 2.2% compared to the end of the previous month.
Between January and July 2022, the total sales of petroleum products in Cyprus increased by 18.6% compared to the corresponding period of the previous year.
Economic sentiment in Cyprus worsened in August, falling to a 17-month low, with the Economic Sentiment Indicator (ESI-CypERC) down 4.5 points from July 2022.
The deterioration of the ESI-CypERC index is explained by weaker business confidence in services, a decrease in consumer confidence, as well as a decrease in economic confidence in the construction sector.
“Service Confidence fell as companies were less positive about their past results and revised their turnover expectations downward,” the University of Cyprus Center for Economic Research said in a statement.
In contrast, the Retail Confidence Indicator did not change as companies’ estimates of current inventory levels improved and companies’ views of past and future sales deteriorated.
The decline in the construction confidence indicator is primarily due to a downward revision in employment expectations.
The industry confidence indicator remained at the same level as in July, while all components that affect the indicator’s definition remain relatively stable.
The consumer confidence indicator fell slightly, mainly due to lower consumer intentions to make large purchases in the coming months.
Moreover, economic uncertainty in Cyprus eased in August as a result of reduced uncertainty in the services and construction sectors, as well as among consumers.
Finally, uncertainty among retailers has increased, while uncertainty among industrial companies has remained broadly unchanged.
The Cyprus Stock Exchange (CSE) ended Tuesday, August 30, with losses.
The overall Cypriot stock market index stood at 72.44 points at 13:09 during the day, reflecting a 0.45% drop from the previous trading day.
The FTSE/CySE 20 Index stood at 43.43, down 0.46%.
The total transaction value was 46,116 euros.
As for the sub-indices, the main, alternative and hotel indexes decreased by 0.64%, 0.06% and 0.69% respectively, while the investment companies index remained stable.
Bank of Cyprus (-0.79%), Logicom (-1.72%), Hellenic Bank (-0.44%), Demetra Holdings (no change) and Leptos Calypso Hotels (-8.7%) attracted the highest investment interest ).
