Monthly Economic Indicators: January-February 2024

The Statistical Service announces the publication of the bimonthly bulletin «Monthly Economic Indicators» for the period January – February 2024. The bulletin includes the most important short-term economic indicators for the Cyprus Economy, for the latest months up to February 2024, as well as comparative data for the last four years, which were available until the 11^th of April 2024.

The Manufacturing sector during the month January 2024, recorded an increase of 3,2% compared to January 2023.     

The total area of Building Permits Authorized reached 198,2 thousand square metres during the month January 2024, recording a decrease of 2,4% compared to the corresponding month of the previous year.       

The total registrations of Motor Vehicles increased by 45,0%, reaching to 8.589 during the period January-February 2024. Private saloon cars increased to 6.325, recording a rise of 50,1% and light goods vehicles increased to 765 recording a rise of 62,8% compared to January-February 2023.

The Consumer Price Index increased by 1,8% during the period January-February 2024, compared to the corresponding period of the previous year.

The total Imports of Goods reached €1.698,4 mn during the period January–February 2024, recording a decrease of 32,2% and total Exports of Goods reached €554,1 mn, recording a decrease of 3,8%.

The Arrivals of Tourists totaled 212.995 during the period January-February 2024, compared to 209.630 in the corresponding period of 2023, recording an increase of 1,6%.

More statistics are available in the Monthly Economic Indicators bulletin, available in electronic form on the online portal of the Statistical Service.

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Industrial Output Prices Index – Annual Change -3,0% – Feb 2024

The Index of Industrial Output Prices for February 2024 reached 122,6 units (base 2021=100), recording an increase of 0,1% compared to January 2024. Compared to the corresponding month of the previous year, the index recorded a decrease of 3,0%. For the period January-February 2024, the index showed a decrease of 2,9% compared to the corresponding period of 2023.

In February 2024 compared to January 2024, the index remained stable in the sector of mining and quarrying, while it showed a rise in the sectors of water supply and materials recovery by 1,2% and manufacturing by 0,1%. In the sector of electricity supply the index recorded a decrease of 0,2%.

Compared to the corresponding month of the previous year, an increase was recorded in the sectors of mining and quarrying (1,2%) and manufacturing (0,1%) and a decrease in the sectors of electricity supply by 13,6% and water supply and materials recovery by 3,4%.

By division of economic activity in manufacturing, in February 2024 compared to the corresponding month of the previous year, increases were recorded in the manufacture of furniture, other manufacturing and repair and installation of machinery and equipment (3,0%), the manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (2,8%), the manufacture of electronic and optical products and electrical equipment (2,4%), the manufacture of food products and beverages (1,7%) and the manufacture of textiles, wearing apparel and leather products (1,5%), while a decrease was recorded in the manufacture of basic metals and fabricated metal products (-7,4%), the manufacture of paper and paper products and printing (-3,3%) and the manufacture of rubber and plastic products (-2,1%).

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Fiscal Accounts of General Government – Surplus €455,9 mn

The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €455,9 mn (1,4% of GDP) for January 2024, as compared to a surplus of €368,6 mn (1,2% of GDP) that was recorded during January 2023.

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1. Fiscal Accounts of General Government – Surplus €876,3 mn

The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €876,3 mn (2,9% of GDP) for the period of January-December 2023, as compared to a surplus of €676,3 mn (2,4% of GDP) that was recorded during the period of January-December 2022.

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    2.  Turnover Value Index of Services – 4th Quarter 2023

The Turnover Value Index during the fourth quarter of 2023 recorded increases in the sectors of accommodation and food service activities (16,4%), administrative and support service activities (11,9%) and information and communication activities (5,8%), whereas a decrease was recorded in the professional, scientific and technical activities sector (-1,7%) compared to the corresponding quarter of 2022.

During the period January-December 2023, increases relative to the corresponding period of 2022 were observed in the indices of accommodation and food service activities (18,9%), administrative and support service activities (15,5%), professional, scientific and technical activities (2,7%) and information and communication (2,0%).

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3. Revenue from Tourism – December 2023 +29,0%

Based on the results of the Passengers Survey carried out by the Statistical Service, revenue from tourism reached €74,3 mn in December 2023 compared to €57,6 mn in the corresponding month of the previous year, recording an increase of 29,0%.

For the period of January – December 2023, revenue from tourism is estimated at €2.990,6 mn compared to €2.439,2 mn in the corresponding period of 2022, recording an increase of 22,6%.

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