The Turnover Value Index of Transport and Storage for the first quarter of 2022 jumped by almost 40% in the first quarter of 2022, fueled mainly by the steep increase in air transport.

According to data released on Friday by the Cyprus Statistical Service (Cystat), the index in Q1 2022 reached 96.8 units (base year 2015=100), recording an increase of 39.3% compared to the corresponding quarter of 2021.

By economic activity, increases relative to the first quarter of the previous year were observed in air transport by 472.0%, in water transport by 42.7%, in warehousing and support activities for transportation by 41.1% and in land transport by 23.3%.

Cystat noted that the large fluctuations in the values of the index for air transport “are the result of the opening/closure of airline companies.”

Only postal and courier activities registered a negative change compared with Q1 2021 declining by an annual 13.4%.