Cyprus services sector expands across all activities in 2024

Cyprus’ tertiary sector recorded growth across all economic activities in 2024, according to the findings of the services and transport survey released by the Cyprus Statistical Service (Cystat) on Thursday.

The survey showed that the production value of all sectors covered increased compared with 2023, highlighting continued expansion in services, transport and related activities.

Transportation and storage recorded a 3.0 per cent increase in production value during 2024, while accommodation and food service activities rose by 10.0 per cent.

Information and communication posted the strongest production value growth among the main service sectors, increasing by 22.0 per cent during the year.

Real estate activities recorded a 9.0 per cent rise in production value, while professional, scientific and technical activities increased by 9.3 per cent.

Administrative and support service activities grew by 14.7 per cent, education rose by 8.9 per cent, and human health and social work activities increased by 9.2 per cent.

Arts, entertainment and recreation recorded a 20.3 per cent increase, while other service activities rose by 7.4 per cent.

Value added at current prices increased across every sector surveyed, with some of the largest gains recorded in arts, entertainment and recreation and information and communication.

Arts, entertainment and recreation generated value added of €453.00 million in 2024, representing an annual increase of 28.0 per cent.

Information and communication recorded value added of €3.95 billion, up by 20.6 per cent compared with the previous year.

Education value added increased by 13.5 per cent to €504m, while accommodation and food service activities rose by 13.3 per cent to €1.97bn.

Professional, scientific and technical activities recorded a 10.2 per cent increase in value added, reaching €2.09bn.

Employment increased in every economic sector in 2024, with accommodation and food service activities remaining the largest employer among the sectors included in the survey.

The statistical service reported that the accommodation and food service sector employed 57,549 people during the year, followed by professional, scientific and technical activities with 43,476 employees.

At the same time, the information and communication (ICT) sector employed 28,440 people, while transportation and storage accounted for 22,854 employees.

Administrative and support service activities employed 21,285 people in 2024, the service added.

The survey’s findings indicate that Cyprus’ services economy continued to expand during 2024, with growth recorded in production value, value added and employment across all sectors.