CYPRUS: New airlines boosted air transport in 2016

Air transport boomed last year due to the establishment of new airlines in the island and seems to have been unaffected by the closure of loss-making Cyprus Airways.

 
Data from the Statistical Service Cystat showed that the air transport turnover value index reached 3.93 units in the 12 months of 2016, compared to 0.3 units at the same period of 2015, an increase of 1.200%.
In 2015 air transport recorded a drop of 99.1% compared to 2014.
According to Cystat, the increase in 2016 is a result “of the launching of new air carriers within 2016, following the termination of the activities of Cyprus Airways in January 2015.” The company name and logo has since been sold to a private venture that plans to launch flights as soon as its secures its air operator certificate (AOC) from the Ministry of Transport.
The Turnover Value Index of Transport and Storage for the fourth quarter of 2016 recorded an increase of 0.2% compared to the corresponding quarter of 2015.
In general, the Turnover Value Index of Transport and Storage registered an increase of 1.1% compared to the corresponding period of the previous year.
By economic activity, a rise of 6.9% was recorded in postal and courier activities, 6.3% in land transport and 0.7% in warehousing and support activities for transportation.
On the contrary, water transport recorded a drop of 13.1%.