Cyprus Business Now

Hourly labour costs, which take into account the total cost incurred per hour, increased by 5.5 per cent in the third quarter of 2022, compared to the corresponding quarter of the previous year, according to preliminary data published this week by the Cyprus Statistical Service (Cystat).

The two components of labour costs, wages and salaries per hour worked, as well as non-wage costs per hour worked, rose by 5.6 per cent and 4.9 per cent respectively, compared to the same quarter of the previous year.

Moreover, according to the data, seasonally adjusted hourly labour costs (total costs) rose by 1 per cent from the previous quarter.

Finally, hourly labour costs, in terms of both wages and salaries, seasonally adjusted, increased by 0.6 per cent, while hourly non-wage costs increased by 2.9 per cent.

Cypriot residents’ trips abroad doubled in November 2022, reaching 102,417, compared to 52,668 in November 2021, marking an increase of 94.5 per cent, according to a report released this week by the Cyprus Statistical Service (Cystat).

According to the report, the main countries from which Cypriots returned in November 2022 were Greece with 38.2 per cent and the United Kingdom with 13.9 per cent.

The Construction Materials Price Index in Cyprus recorded an increase of 12.65 per cent year-on-year during the month of November 2022, reaching 133.94 units (based on 2015=100), according to a report released this week by the Cyprus Statistical Service (Cystat).

Going by each main product category, the largest increase was registered by minerals, which rose by 13.25 per cent, followed by mineral products with an increase of 13.19 per cent.

In metal products, the increase reached 12.80 per cent, while wood, insulating, chemical and plastic products increased by 12.16 per cent.

In addition, electromechanical items recorded an increase of 11.54 per cent.

Compared to the previous month, the construction materials price index decreased by 0.58 per cent in November.

Between January 2022 and November 2022, the price index increased by 17.75 per cent compared to the same period last year, with the largest increase recorded in metal products by 24.99 per cent, followed by wood products, insulation, chemicals and plastics, with an increase of 17.68 per cent.

The Cyprus Stock Exchange (CSE) ended Tuesday, December 20 with losses.

The general Cyprus Stock Market Index was at 88.14 points at 13:03 during the day, reflecting a drop of 0.18 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 53.13 points, representing a decrease of 0.17 per cent.

The total value of transactions came up to €31,336.

In terms of the sub-indexes, the main index fell by 0.24 per cent, while the investment firm, hotel and alternative indexes remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (no change), Hellenic Bank (-0.71 per cent), Logicom (no change), Louis PLC (no change), and LCO Holdings and Investments Public (-10 per cent).