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Cyprus' economy is showing impressive growth at the start of 2024, with the biggest gains coming from the tech and services sectors, Kathimerini's Anna Polyviou reports.
According to the Cyprus Statistical Service, economic activity surged across most industries in the first quarter, led by a standout performance in the information and communication sector.
The information and communication sector saw the highest growth rate at 14.9% for the first three months of the year. The accommodation and food services sector wasn't far behind, growing by 14.2%. Administrative and support services grew by 13.1%, while professional and technical services increased by 4.1%. However, the real estate sector lagged, with a decline of -3.2%.
The Business Cycle Index, which compares current turnover to a baseline set in 2021, shows how much different sectors are improving. For example, a value of 105.3 means turnover has increased by 5.3% compared to 2021.
Looking back at 2022, the Services and Transport Survey showed positive trends across various sectors. Transportation and storage grew by 29.3%, while accommodation and food services soared by 44.8%. The arts and entertainment sector also had a strong year, with a 40.2% increase.
Employment numbers for 2022 were up as well, with the most jobs in accommodation and food services (52,247), followed by professional and technical services (38,289), and information and communication (21,024). Real estate management had the fewest jobs, with 3,776.
Overall, the latest figures paint a bright picture for Cyprus' economy, with most sectors thriving despite some challenges in real estate.
