The Transportation and Storage sector in Cyprus experienced remarkable growth, with the Business Turnover Index reaching 143.1 units in Q4 of 2023, marking a 6% increase from the previous year. Air transportation led the charge with a 10.9% rise, highlighting a robust expansion across the sector.
What growth did the Transportation and Storage sector in Cyprus experience in Q4 of 2023?
The Transportation and Storage sector in Cyprus saw a significant increase, with the Business Turnover Index reaching 143.1 units in Q4 of 2023. This represents a 6% rise compared to the previous year, indicating strong growth across the sector with air transportation leading at a 10.9% increase, followed by land transportation at 8.6%.
Transportation and Storage Sector on the Rise
Cyprus’ Business Turnover Index in Transportation and Storage made notable strides by reaching 143.1 units in the fourth quarter of 2023, with 2015 as the base year. This marked a 6 percent increase compared to the same period of the previous year. Amidst a challenging global economy, these figures released by the Cyprus Statistical Service indicate a resilient upturn across the sector.
Every individual economic activity within the sector showcased growth. Air transportation and associated support activities led the charge with a robust 10.9 percent increase. Land transportation wasn’t far behind, growing at a healthy rate of 8.6 percent. Even postal and courier activities, often overshadowed by electronic communications, managed a modest 0.6 percent rise. Maritime transportation, integral to an island nation like Cyprus, also saw an increase, albeit by a smaller margin of 0.4 percent.
Industrial Development Initiatives
In a move to bolster industrial development, the Ministry of Energy, Commerce, and Industry highlighted the availability of industrial plots for lease. The targeted areas include the Industrial Areas of Frenaros, Kokkinotrimithia, Paphos (Ayia Varvara), and Ypsonas (Ayios Sylas). Offering strategic locations, the ministry has provided spatial plans for these zones.
Businesses interested in seizing this opportunity must submit a special form, labeled BP1, along with various supporting documents as specified in a provided guide. The window for this application process closes on April 15, 2024, underscoring the government’s commitment to encouraging industrial growth and development.
Stock Market Ends on a High Note
The Cyprus Stock Exchange (CSE) witnessed a positive close on Tuesday, February 20, with the general Cyprus Stock Market Index settling at 142.61 points by midday, a slight increase of 0.35 percent. More narrowly, the FTSE / CySE 20 Index edged up to 86.64 points, translating to a 0.37 percent lift. The trading day was fairly active, with the total value of transactions reaching €212,875.
Sub-indexes painted a picture of a market in gentle ascent, with the main and alternative indexes increasing by 0.11 percent and 1 percent, respectively. Meanwhile, the hotel and investment firm index maintained its ground without any gains or losses. Notably, investor interest was particularly piqued by several key players, including the Bank of Cyprus and Salamis Tours, the former seeing an appreciable rise in value.
Business Buzz
The Ministry’s initiative has sparked conversations among local businesses, with anticipation for the potential economic expansion these industrial plots could bring. The transportation and storage sector’s growth trajectory suggests a burgeoning demand for services that facilitate trade and commerce, both domestically and internationally. This climate of growth fosters optimism for a year characterized by economic resilience and strategic development within key sectors of the Cypriot economy.
What growth did the Transportation and Storage sector in Cyprus experience in Q4 of 2023?
The Transportation and Storage sector in Cyprus saw a significant increase, with the Business Turnover Index reaching 143.1 units in Q4 of 2023. This represents a 6% rise compared to the previous year, indicating strong growth across the sector with air transportation leading at a 10.9% increase, followed by land transportation at 8.6%.
What industrial development initiatives have been announced in Cyprus?
The Ministry of Energy, Commerce, and Industry in Cyprus has highlighted the availability of industrial plots for lease in strategic locations such as Frenaros, Kokkinotrimithia, Paphos, and Ypsonas. Businesses interested in this opportunity must submit a special form and supporting documents by April 15, 2024, showcasing the government’s commitment to encouraging industrial growth and development.
How did the Cyprus Stock Exchange perform recently?
The Cyprus Stock Exchange (CSE) closed positively on a recent trading day, with the general Cyprus Stock Market Index settling at 142.61 points and the FTSE/CySE 20 Index edging up to 86.64 points. The trading day was active, with the total value of transactions reaching €212,875. Various sub-indexes showed a market in gentle ascent, with key players like the Bank of Cyprus and Salamis Tours experiencing notable activity.
What is the overall outlook for businesses in Cyprus given recent economic trends?
The growth trajectory of the transportation and storage sector in Cyprus suggests a burgeoning demand for services that facilitate trade and commerce, both domestically and internationally. This, coupled with recent initiatives to promote industrial development, fosters optimism for economic resilience and strategic development within key sectors of the Cypriot economy.
