In January 2024, Cyprus witnessed a significant reduction in both total loans, which decreased by €122.9 million, and total deposits, which fell by €366.0 million. This change comes after an increase in both loans and deposits recorded in the previous month, December 2023, as per the data published by the Central Bank of Cyprus (CBC).

Specifically, according to the CBC, the total loans in January 2024 diminished to €24.7 billion. Resident loans in Cyprus showed a decrease of €44.8 million. In contrast, December 2023 experienced a net increase of €284.2 million.

In more detail, loans to households increased slightly by €3.4 million, whereas loans to non-financial corporations recorded a decrease of €19.1 million. Loans in other domestic sectors collectively fell by €29.1 million.

Furthermore, the CBC reports that total deposits in January 2024 saw a net decrease of €366.0 million, compared to a net increase of €346.0 million in December 2023. Deposits from Cypriot residents decreased by €273.1 million.

The annual rate of change in total deposits reached 0.8%, compared to 0.4% in December 2023. The total deposits balance in January 2024 stood at €51.9 billion.

In greater detail, deposits from households and non-financial corporations decreased by €28.9 million and €206.5 million, respectively. Deposits from other domestic sectors also showed a decline, amounting to €37.7 million.

In January 2024, olive oil prices in Cyprus and the European Union witnessed a significant surge, with a 49% increase in Cyprus and a 50% rise across the EU compared to January 2023, according to data published by Eurostat, the EU's statistical office.

While the price of olive oil began to rise across Europe from August, the increase in Cyprus was particularly steep in January, marking the largest increase recorded to date.

Across Europe, olive oil prices saw a sharp increase in the second half of 2023, initially rising by 37% in August (compared to August 2022). This trend accelerated in September (+44%) and October (+50%), with the highest annual rate changes recorded in November 2023 (+51% compared to November 2022). A slight slowdown occurred in December, with prices being 47% higher than in December 2022.

In Cyprus, during August to October 2023, olive oil prices recorded modest increases (+13%, +11%, +13%), and rose more significantly in November (+19%). The increase slowed somewhat in December (+15%) but skyrocketed in January 2024 (+49%), setting a record since the start of data collection in 2017.

January 2024 saw an increase in olive oil prices in all EU member states compared to January 2023.

The largest increases were recorded in Portugal (+69% compared to January 2023), Greece (+67%), and Spain (+63%). Cyprus ranked fifth in terms of the increase (49%), following Estonia in fourth place (+53%). The smallest increases were observed in Romania (+13%), Ireland (+16%), and the Netherlands (+18%).

Total sales of petroleum products in Cyprus experienced a decrease, although there was an increase in sales from fuel stations, according to data released by the Statistical Service on Tuesday.

As reported, in January 2024, the total sales of petroleum products reached 109,710 tons, marking a decrease of 0.9% compared to January 2023.

There was a decrease in bunker oil supplies to ships (-11.0%), as well as in sales of light fuel oil (-19.3%), asphalt (-18.0%), kerosene (-8.0%), heating oil (-1.5%), and liquefied petroleum gas (-1.5%).

Conversely, there was an increase in aviation fuel supplies (7.3%), as well as in motor gasoline sales (5.5%) and diesel sales (3.9%). "Specifically, regarding sales from fuel stations, there was an increase of 3.4% to 54,635 tons," it is noted.

Total petroleum product sales in January 2024, compared to December 2023, saw a decline of 8.5%. For instance, bunker oil supplies to ships and airplanes decreased (-26.0% and -5.3% respectively), as did gasoline (-7.9%) and diesel sales (-6.4%). Total petroleum product inventories at the end of January 2024 increased by 12.2% compared to the end of the previous month.

In 2022, the share of energy from renewable sources used for heating and cooling in the European Union increased to an average of 24.8%, up by 1.8 percentage points from 2021, according to Eurostat data.

The same data indicates a slight decrease of 1 percentage point in Cyprus during the same period. However, the share of renewables in this sector remains high at 41.5%, above the EU average. 

Energy consumed for heating and cooling accounts for about half of the total gross final energy consumption in the EU. In absolute terms, the gross final consumption of renewable energy for heating and cooling in the EU has gradually increased over time, primarily due to the contribution of biomass and heat pumps. Over a decade, the average share of energy from renewable sources for heating and cooling in the EU increased from 18.6% in 2012 to 24.8% in 2022 (+6.2 percentage points).

During the same period, Cyprus saw a substantial increase from 21.8% in 2012 to 41.6% in 2022 (+19.8 percentage points).

At the member state level, in 2022, Sweden led in renewable energy use for heating and cooling with a share of 69.3%, followed by Estonia (65.4%). Both countries primarily use biomass and heat pumps. Latvia follows at 61.0%, mainly relying on biomass.

The lowest shares of renewable sources for heating and cooling were recorded in Ireland (6.3%), the Netherlands (8.6%), and Belgium (10.4%). Compared to 2021, the largest increases were recorded in Malta (+5.2 percentage points), Luxembourg (+2.5 percentage points), and Ireland (+1.4 percentage points). Decreases were recorded in Austria (-2.4 percentage points), Slovenia (-1.2 percentage points), and Cyprus (-1.0 percentage point).