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The Turnover Value Index during the second quarter of 2024 recorded increases in the sectors of administrative and support service activities (11,3%), real estate activities (10,5%), accommodation and food service activities (6,3%) and information and communication activities (2,5%), whereas a decrease was recorded in the sector of professional, scientific and technical activities (-1,9%) compared to the corresponding quarter of 2023. 

During the period January-June 2024, increases relative to the corresponding period of 2023 were observed in the Turnover Value Indices of administrative and support servic activities (12,3%), accommodation and food service activities (8,8%), information and communication (8,5%), real estate activities (3,6%) and professional, scientific and technical activities (0,8%).

Methodological Information

Scope 

The purpose of the Turnover Value Index in Services is to monitor short-term developments in activities classified under the sectors of accommodation and food service activities (NACE I), information and communication (NACE J), real estate activities (NACE L), professional, scientific and technical activities (NACE M) and administrative and support service activities (NACE N). 

Data Collection 

The Statistical Service collects data monthly by telephone enquiries or e-mail, from a sample of enterprises active in the sectors mentioned above. 

Compilation Method 

The Index is using 2021 as the base year, meaning that it shows the quarterly changes in turnover in relation to the quarterly turnover average of the year 2021. In the base year, the average of the Turnover Index for the four quarters is 100,0. For example, a quarterly Turnover Index of 105,3 means that the turnover for the specific quarter has increased by 5,3% in relation to the average quarterly turnover of 2021. The Index is calculated at current prices. 

The Turnover Index is produced for the various divisions of the Statistical Classification of Economic Activities (NACE Rev. 2) that constitute the services sector. The aggregated sector indices are a weighted average of the indices of the various divisions, as defined in NACE Rev. 2. The weights used are derived from the results of the annual Services Survey in the base year (2021) and reflect the share of turnover of each division in relation to the total turnover of the activities of each sector. 

The compilation of the Index follows the provisions of Regulation (EU) 2019/2152 on European business statistics. The Index is transmitted to the Statistical Office of the European Union (Eurostat). In addition to gross data, both seasonally and calendar adjusted data are transmitted. The Indices are published at national level only in their gross form. 

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

Data for base year 2021=100 are available only in the CYSTAT-DB Online Database. 

(NZ/AS)