Newsroom
Cyprus saw a widespread boost in economic activity last year, according to the latest Services and Transport Survey by Cyprus' statistical agency. The services sector, which includes everything from transportation to dining out, showed particularly strong growth compared to the year before.
The survey, released today, highlighted significant increases in production value across various sectors in 2022: transportation and storage shot up by 29.3%, accommodations and restaurants surged by 44.8%, and the tech and communications industry grew by 37.6%. Real estate also expanded by 18.2%, while professional services and administrative support saw gains of 13.0% and 23.2%, respectively. Even education and arts and entertainment posted positive growth rates of 8.7% and 40.2%.
In terms of money made, these sectors made big gains too. Accommodations and restaurants saw a whopping 48.0% increase, bringing in €1.4 billion, while tech and communications hit €2.8 billion with a 38.4% rise. Arts and entertainment soared by 44.3%, reaching €311.1 million, and administrative support grew by 21.4% to €617.3 million. Transportation and storage contributed €949.6 million with a 17.0% increase, and education rose by 15.8%, totaling €428.7 million.
The job market also flourished, with employment rising across all sectors. Accommodations and restaurants led the way with 52,247 new hires, followed by professional services with 38,289. Tech and communications employed 21,024 people, transportation and storage had 20,686, and administrative support employed 17,942.
The strong growth across these sectors showcases Cyprus' ability to bounce back from economic challenges, setting the stage for continued expansion in the years ahead.
[With information from CNA]
