Press Releases

Increase in All Sectors of Economic Activity

According to the results of the Services and Transport Survey, the tertiary sector of the economy registered in 2022 a positive growth rate compared to 2021.

In particular, production value during 2022 showed an increase of 29,3% in transportation and storage (sector H), 44,8% in accommodation and food service activities (sector I), 37,6% in information and communication (sector J), 18,2% in real estate activities (sector L), 13,0% in professional, scientific and technical activities (sector M), 23,2% in administrative and support service activities (sector N), 8,7% in education (section P), 7,9% in human health and social work activities (section Q), 40,2% in arts, entertainment and recreation (section R) and 10,5% in other service activities (section S).

Regarding the value added at current prices, increases were recorded in all sectors. Νotable increases were recorded in accommodation and food service activities by 48,0%, reaching €1.397,1 million and in information and communication by 38,4% to €2.764,3 million. Significant increases were also observed in arts, entertainment and recreation by 44,3% to €311,1 million, administrative and support service activities by 21,4% to €617,3 million, in transportation and storage by 17,0% to €949,6 million and in education by 15,8% to €428,7 million.

In 2022, employment increased in all economic sectors. The highest employment is registered in accommodation and food service activities with 52.247 persons, followed by professional, scientific, and technical activities with 38.289 persons, information and communication with 21.024 persons, transportation and storage with 20.686 persons and administrative and support service activities with 17.942 persons.

* Annual percentage change of 2022 compared to 2021.

Methodological Information

Definitions

Employment – The average number of employees and self-employed persons during the year, in full time equivalent terms.

Production value – The value of services and goods produced, net receipts from the sale of goods sold in the same condition as purchased, other operating income and changes in the value of work-in-progress at the end of the year.

Value added at current prices – Derived by deducting from the production value the production expenses as well as the administrative expenses and rents paid for buildings and machinery.

Coverage and collection of data

The Services and Transport Survey is carried out on an annual basis and covers enterprises with the main activity falling under sections H (Transportation and storage), I (Accommodation and food service activities), J (Information and communication), L (Real estate activities), M (Professional, scientific and technical activities) and N (Administrative and support service activities), P (education), Q (Human Health and Social Work Activities), R (Arts, Entertainment and Recreation) and S (Other Service Activities) of the classification system of economic activities NACE Rev. 2 of the European Union.

The Survey for 2022 covered a sample of around 3.700 enterprises. The collection of data by the Statistical Service is done by email, by personal interviews, by phone interviews and using administrative sources.

For more information please visit the CYSTAT Portal, subtheme Services, Predefined Tables (Excel) Methodological Information or contact Ms Margarita Georgiou: Tel: +35722602217, Email: mgeorgiou@cystat.mof.gov.cy or Ms Kalomyra Frangou: Tel: +35722602220, Email: kfrangou@cystat.mof.gov.cy

(NGian/NZ)