Filenews 13 February 2021 - by Theano Thiopoulou
The main indicators of the economy were "infected" by the coronavirus and took the downturn in 2020, a year when key sectors were under-functioning or in a global lockdown. The data announced yesterday by the Statistical Office partly show which sectors experienced the greatest shock or what has changed in the consumption habits of Cypriots.
The reading of the statistics also shows a paradox: Amid the crisis and support for workers with government plans, average monthly gross earnings of employees instead of falling appear to have increased to €1,917, from €1,886 in 2019, rising 1.7%. At a time when average earnings are rising, the number of registered unemployed has also increased in the wake of the health crisis. Statistics show that the number reached 30,171, up from 22,321 in 2019, showing a 35.2% increase in the unemployed.
Even electricity consumption was one of the "victims" of the coronavirus. Statistics data show that power consumption in 2020 decreased by 6.8%, while sales of petroleum products decreased by 18.8%, due to limited movements of Cypriots due to restrictions on movements.
Trade could not remain unaffected. Total imports decreased by 8.1% in 2020, compared to 2019, imports for on-the-spot consumption had a negative sign of 6.6%, total exports were down 12.6%, domestic exports were at -4.5% and re-exports at -16.7%. In the manufacturing sector, the production volume index (total) decreased by 8.4%. In more detail, the food, beverage and tobacco industry was down 7.9%, while the production of refining products - production of petroleum refining products, chemicals and pharmaceuticals and preparations was up 11%.
Exports of pharmaceuticals, which rose 20.8% in 2020, compared with 8.7% in 2019, resisted the covid crisis. In agriculture, potato exports were down by 11.4%, while citrus exports were up 12.6%.
It was the travel sector that had the highest fall rate (79.9%) 2020, compared to 2019, as a consequence of the crisis. According to Statistics, traveller arrivals (including travellers) were down 84.1% and in particular UK traveller arrivals were down 82.9%. The turnover ratio of accommodation and catering services (hotels and restaurants) was down 58.1% in 2020, compared to 2019. The turnover ratio in the road transport sector was also down 38.5% and aviation 82.3%. Registration of motor vehicles in the private saloon sector was 14% lower and light trucks 23.6%. In the construction sector, building permits were reduced by 8.6% and, in the sub-sections, the residential building sector by 9.6% and non-residential buildings by 4.5%.
