Press Releases

The Turnover Value Index during the fourth quarter of 2023 recorded increases in the sectors of accommodation and food service activities (16,4%), administrative and support service activities (11,9%) and information and communication activities (5,8%), whereas a decrease was recorded in the professional, scientific and technical activities sector (-1,7%) compared to the corresponding quarter of 2022.

During the period January-December 2023, increases relative to the corresponding period of 2022 were observed in the indices of accommodation and food service activities (18,9%), administrative and support service activities (15,5%), professional, scientific and technical activities (2,7%) and information and communication (2,0%).

Table 1

Table 2

Methodological Information

Scope

The Turnover Value Index of Services reflects the short-term developments related to the turnover of the enterprises operating in the sectors of accommodation and food service activities (NACE I), information and communication (NACE J), professional, scientific and technical activities (NACE M) and administrative and support service activities (NACE N).

Data Collection

The survey is carried out on a sample basis and concerns enterprises that are classified under the sectors mentioned above. The data collection is performed by telephone, fax or e-mail. The data are collected on a quarterly basis.

Compilation Method

The turnover index is produced for the various divisions of the Statistical Classification of Economic Activities (NACE Rev. 2) that constitute the sector of Services. The base year for the index is 2015, meaning that it shows the changes in turnover of the reference period in relation with the average turnover of the year 2015. For the base year, the average of the quarterly indices is 100. The weights used are derived from the total sales of the enterprises in the base year (2015) and reflect the turnover of each division in relation to the total turnover of the sector.

The compilation of the Turnover Value Index of Services follows the provisions of Regulation (EU) 2019/2152 on European business statistics.

For more information visit the CYSTAT Portal, subtheme Services, CYSTAT-DB (Online Database), Predefined Tables (Excel), or contact Mr. Panagiotis Lymperopoulos at telephone 22605130 or via e-mail at plymperopoulos@cystat.mof.gov.cy. 

The Predefined Tables, available in Excel format, include data up to the fourth quarter of 2022. Data from the first quarter of 2023 onwards are available only in the CYSTAT-DB Online Database.

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