12° Nicosia,
14 June, 2024

Transport and storage grow by 22.3%

Business activity in Cyprus transport and storage jumps by 17.3% in Q2 2023

Panayiotis Rougalas

Panayiotis Rougalas

During the second quarter of 2023, the business activity index in the transportation and storage sector reached 154.4 units, indicating a growth of 17.3% compared to the same period in 2022. According to the Statistical Service of Cyprus, all individual economic activities, especially air transportation along with storage and supporting activities for transportation, recorded an increase of 16.9% compared to the same quarter of the previous year. Postal and courier activities saw a 12.5% increase in business volume, while land transportation increased by 7.9%, and maritime transportation grew by 3.2%. In the January-June 2023 period, the Business Activity Index in Transportation and Storage witnessed a 22.3% increase compared to the corresponding period in 2022.

It should be noted that the Business Activity Index in Transportation and Storage monitors short-term developments concerning the business operations of companies engaged in land transportation, pipeline transportation, maritime transportation, air transportation, storage, and support activities for transportation (including shipping companies with a physical presence in Cyprus), as well as postal and courier activities.

According to the Statistical Service, this index is generated for the five branches of the Economic Activities Classification System that constitute the Transportation and Storage sector. The base year for calculation is 2015, meaning it shows changes in business operations of companies in the reporting period relative to the 2015 average. The average of the quarterly indices during the base year is set at 100. The coefficients used for weighting are derived from the total sales of businesses during the base year (2015) and reflect the business volume of each branch in relation to the entire sector.

[This article was translated from its Greek original]

Cyprus  |  inflation  |  economy  |  business

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