Cyprus records strong growth across all service sectors
Cyprus’ tertiary sector posted robust gains in 2023, with all branches of economic activity showing growth in production value, value added, and employment, according to the state statistical service.
Specifically, Cystat’s latest services and transport survey showed that production value increased notably in multiple key service areas when compared to 2022.
Transportation and storage activities saw an increase of 6.7 per cent, while accommodation and food service activities rose by 20.5 per cent.
Information and communication services recorded a 17.4 per cent growth, and real estate activities increased by 16.3 per cent.
Professional, scientific and technical activities went up by 10.0 per cent, with administrative and support service activities increasing by 16.9 per cent.
Education services recorded a growth rate of 10.9 per cent, while human health and social work activities rose by 8.7 per cent.
Arts, entertainment and recreation grew by 13.3 per cent, and other service activities expanded by 9.3 per cent.
What is more, value added at current prices also rose significantly across all sectors.
Accommodation and food service activities showed the most substantial increase, up by 24.3 per cent, reaching €1.74 billion.
Administrative and support service activities followed with a 16.5 per cent rise to €719.40 million, while transportation and storage activities increased by 15.8 per cent to €1.10 billion.
Real estate activities climbed by 15.6 per cent, reaching €213.00 million.
At the same time, the value added of information and communication services rose sharply by 18.6 per cent to €3.28 billion.
Employment numbers echoed this trend, with growth reported in every economic sector.
Accommodation and food service activities had the highest employment, with 56,483 people working in the sector in 2023.
Professional, scientific and technical activities employed 41,667 persons. Moreover, information and communication services had a workforce of 26,258 persons.
Transportation and storage activities recorded 22,482 persons employed, and administrative and support service activities employed 19,939 people.
Finally, the statistical service confirmed that all data reflect economic performance in 2023 relative to 2022, illustrating a broad and sustained expansion in the tertiary sector.