Manufacturing and Motor Vehicle Registrations on the Rise in Cyprus
The Cyprus Statistical Service (Cystat) has delivered insights into the country’s economic performance with its latest “Monthly Economic Indicators” bulletin. The Manufacturing sector has shown resilience with a 3.2 per cent growth in January 2024, compared to the same month last year, signaling a robust start to the year for manufacturers.
Despite a flourishing manufacturing scene, the construction industry faced a slight setback. The square meters of Building Permits Authorised in January 2024 dipped by 2.4 per cent year-on-year, totaling 198.2 thousand square meters.
In the realm of transportation, the total registrations of Motor Vehicles experienced a significant surge in the first two months of 2024. A remarkable 45.0 per cent increase was recorded, with private saloon cars leading the charge, their numbers soaring by 50.1 per cent to 6,325 vehicles. Light goods vehicles were not far behind, marking a 62.8 per cent rise with 765 vehicles registered.
The Consumer Price Index also saw an uptick, climbing by 1.8 per cent during the January-February period of 2024 compared to the same timeframe in the previous year. This could reflect changing consumer behaviors and economic conditions affecting prices.
Trade figures, however, painted a mixed picture. Imports took a significant hit, plunging by 32.2 per cent to €1,698.4 million. Exports also declined but at a more moderate rate of 3.8 per cent, amounting to €554.1 million.
Tourism, a key pillar of the Cypriot economy, witnessed a modest improvement. Tourist arrivals edged up by 1.6 per cent during the first two months of 2024, with 212,995 visitors choosing Cyprus as their destination, slightly up from 209,630 in the previous year.
The data released by Cystat offers a mixed bag of economic trends for Cyprus, with notable gains in manufacturing and vehicle registrations juxtaposed against challenges in building permits and trade balances. Yet, the steady increase in tourist numbers provides a glimmer of optimism for the Mediterranean nation’s economic outlook.
