The Industrial Production Index for the month of March 2022 reached 135.7 points (base 2015 = 100), recording an increase of 6.9 per cent year-on-year, according to data released this week by the Cyprus Statistical Service (Cystat).

In the manufacturing sector, there was an increase of 2.2 per cent compared to March 2021.

An increase was also recorded in the sectors of electricity supply (27.5 per cent), as well as in water supply and materials recovery (19.5 per cent).

The mining and quarrying sector saw a decrease of 7.8 per cent compared to March 2021.

In the manufacturing sector, the most significant positive changes compared to March 2021 occurred in the production of textiles, clothing and leather, with an increase of 44.3 per cent, as well as in the manufacture of furniture and the repair or installation of machinery and equipment, recording an increase of 17.8 per cent.

Moreover, increases were also observed in the production of petroleum refining products, chemicals and related products, as well as pharmaceuticals, with 10.2 per cent.

The categories of machinery and equipment manufacturing, motor vehicles and other transport equipment rose by 6.1 per cent, while the manufacture of electronic and optical products and electrical equipment increased by 2.5 per cent.

The largest negative changes were observed in paper and paper products and printing, recording a decrease of 16.6 per cent, in the industry of wood and products of wood and cork, except furniture, with a decrease of 12.7 per cent, as well as in the production of basic metals and the manufacture of metal products with 4.5 per cent.

Finally, between January and March 2022, the index increased by 5.2 per cent year-on-year.

Cyprus Chamber of Commerce (Keve) vice president Andreas Demetriades on Tuesday confirmed that Paphos authorities have received the technical and financial study about the two proposed projects of the Paphos marina and anchorage.

Demetriades, who is also the president of the Cyprus Land and Building Developers Association (LBDA), told the Cyprus News Agency that the study will allow Paphos municipality officials to compile a list of conclusions and suggestions about the projects, before forwarding them on to the Deputy Ministry of Tourism for evaluation.

This will allow the government to assess everything and determine whether the marina and anchorage will be developed as one unified project before issuing tenders.

“There are some issues that need to be solved that mainly concern urban planning issues in the area there, however, there are quick procedures available because it is land owned by the government,” Demetriades said.

“We have a commitment from Deputy Minister of Tourism Savvas Perdios that the whole process and the award of the tender for the construction of the projects will be completed long before the expiration of the term of the current government,” he added.

The cost of the creation of the anchorage is expected to reach €18 million, which may be covered by the state.

The Cyprus Stock Exchange (CSE) ended Tuesday, May 31 with profits.

The main Cyprus Stock Market Index was at 70.47 points at 12:32 during the day, reflecting a rise of 0.433 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 42.30 points, which represents an increase of 0.28 per cent.

The total value of transactions came up to €356.047.

In terms of the sub-indexes, the main index rose by 0.28 per cent, while the alternative and investment firm indexes remained fell by 0.93 per cent and 1.48 per cent respectively.

The hotel index remained stable from the previous day of trading.

The biggest investment interest was attracted by the Bank of Cyprus (+1.8 per cent), Hellenic Bank (+0.74 per cent), Logicom (+2.66 per cent), Atlantic Insurance (no change), and Vassiliko Cement Works (-4.93 per cent).