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Cypriots’ €4 Billion Card Expenditure In Late 2023

by THEFUTURE.TEAM

August 19, 2024

In the second half of 2023, Cypriots spent an impressive €4 billion using credit and debit cards, reflecting a dynamic mix of essential and discretionary spending. Supermarkets, healthcare, and utility payments dominated the expenditure, indicating a prioritisation of necessities amid ongoing economic uncertainties. However, robust spending in the dining, travel, and entertainment sectors also highlighted resilient consumer confidence, suggesting a strong recovery from previous economic challenges.

This spending pattern offers key insights into the Cypriot economy, reflecting both cautious budgeting and a return to pre-pandemic consumer behaviours. The significant expenditure on essentials like food, healthcare, and utilities indicates that Cypriots are focusing on maintaining their standard of living despite inflationary pressures and global economic concerns. Meanwhile, the noticeable rise in discretionary spending, particularly in sectors such as travel and entertainment, signals a renewed appetite for experiences and leisure, which had been curtailed during the pandemic years.

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For businesses, this spending data provides valuable insights into consumer trends and opportunities for growth. The strong performance of the hospitality and travel sectors suggests potential areas for investment, particularly as Cyprus continues to attract tourists and as locals increasingly seek leisure experiences. Additionally, the steady flow of spending in essential services underscores the importance of these sectors in the local economy, offering a stable foundation for businesses operating within these industries.

Looking ahead, maintaining this balance between essential and discretionary spending will be crucial for sustaining economic growth. As global economic conditions remain uncertain, Cypriots’ spending habits will likely continue to reflect a mix of caution and optimism, with the potential for further growth in sectors that offer value and experiences. For businesses and investors, understanding these trends will be key to navigating the Cypriot market effectively in the coming months.

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Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.