This increase was driven primarily by a significant boost in consumer confidence and, to a lesser extent, an uptick in the manufacturing sector’s business sentiment.
Consumer confidence reached its highest level in three and a half years, marking the second consecutive month of improvement.
The IIP recorded a net liability position of €27.8 billion in Q3 2024, compared to €27.9 billion in Q2 2024.
Adjusted for the impact of special purpose entities (SPEs), categorised as non-residents, the IIP showed a net liability of €9.9 billion, down from €10.0 billion in Q2 2024.
In addition, the balance of payments showed a marked improvement. The current account deficit narrowed significantly to €29.6 million in Q3 2024 from €369.4 million in the same period in 2023.
Kineyirou explained that while 2024 was “another difficult year for the property market“, the outcomes achieved “provide an indication of the prevailing conditions and serve as a potential precursor for the challenges expected in 2025“.
According to the latest data from the Department of Lands and Surveys, sales documents saw a 2 per cent increase between January and November 2024, compared to the corresponding period in 2023.
He also confirmed that the government remains committed to its ambitious timeline, recognising the importance of natural gas for the country’s energy future.
The FSRU, Papanastasiou said, departed Shanghai on December 14 and reached Singapore on December 21. Technical experts specialising in floating regasification units boarded the ship there.
The vessel is currently stationed in the Strait of Malacca, undergoing thorough inspections and evaluations to identify any further modifications required.
Speaking at a Transmission System Operator Cyprus event to mark the launch of the third trial period for a competitive electricity market, the minister outlined plans for a fully operational competitive electricity market by July 2025.
Papanastasiou described the start of the trial period as a pivotal phase in the transition towards a liberalised electricity market.
“This trial period is essential to ensure that all systems operate smoothly and participants are well-versed in the procedures for the production and trading of electricity,” he said.
The decision was made in a meeting held by President Nikos Christodoulides and Transport Minister Alexis Vafeades, with Larnaca mayor Andreas Vyras expressing his satisfaction at the decision.
He said he was pleased that “no possibility of development has been ruled out … if a study determines so much”, and added that the previously planned protests, due to have taken place Saturday, have been cancelled.
Vafeades said a study into possible development plans would be completed “within six months”, before being put before the relevant authorities for a decision to be made.
While there is no formal or set sales period, it has become customary for discounts to be announced after the Christmas holidays, typically beginning in early January.
Some retailers have already launched their promotions earlier this month, as early as Friday, January 3, but the majority are expected to follow suit starting today.
The Christmas and New Year period saw increased commercial activity, as expected, confirming December’s reputation as the most lucrative month for retail.
This surge was primarily fueled by significant gains in the banking sector, notably a doubling in Hellenic Bank’s share price following its acquisition by Eurobank.
Globally, stock markets flourished, aided by central banks’ lower interest rates aimed at stimulating growth after prior hikes intended to curb inflation.
The easing of monetary policies globally provided a substantial boost to investor confidence, leading to robust growth across various sectors.
The seasonally adjusted figures show the number of registered unemployed remained steady at 10,506, unchanged from November.
When compared to the number of unemployed recorded in December 2023, there was a decrease of 1,288 persons, a drop of 9.4 per cent.
The sectors that contributed most significantly to this decline include financial and insurance activities, construction, and accommodation and food services, alongside a reduction in new entrants to the labour market.
The programmes, which are open to everyone, will run from January to May this year.
According to the CPC, the training programmes will cover a range of topics, including useful applications of artificial intelligence, e-governance in Cyprus, and creating and managing websites and e-shops.
Other topics include office applications (Word, Excel, PowerPoint), computerised accounting using PowerSoft365, and statistical data analysis with Microsoft Excel.
The Cyprus Stock Exchange (CSE) ended Tuesday, January 7, with gains.
The general Cyprus Stock Market Index stood at 217.31 points at 12:40, reflecting a rise of 0.37 per cent.
The FTSE / CySE 20 Index was at 132.20 points, representing an increase of 0.39 per cent.
The total value of transactions came up to €581,946, until the aforementioned time during trading.
In terms of the sub-indexes, the main and alternative indexes rose by 0.45 per cent and 0.18 pr cent respectively. The hotel index fell by 1.93 per cent while the investment firm index dropped by 0.03 per cent.
The biggest investment interest was attracted by the Bank of Cyprus (+0.44 per cent), Hellenic Bank (-0.21 per cent), Logicom (+3.03 per cent), Demetra (no change), and Vassiliko Cement Works Public Company (+1.23 per cent).
