Cyprus Mail
Shipping

Ship management industry contributed 5.2% of GDP in late 2019

Revenues from the ship management industry increased in the second half of 2019, reaching €581m, around 5.2 per cent of the island’s GDP, compared to the €523m (4.9 per cent) reached in the first half of 2019, a report published by the Statistics Department of the Central Bank of Cyprus showed on Tuesday.

The Cyprus Shipping Chamber (CSC) released said on Tuesday that the contribution of the shipping industry to the Cyprus economy “is reflected once again in the results of this report, demonstrating its robustness and the tangible prospects for its further development.”

The CSC added that “in very few other maritime nations, the economic contribution of the local shipping industry reaches such high level, so it is important to receive the appropriate financial and operational support to deal with the effects of this pandemic crisis, keeping world trade and maritime transport moving.”

The full report can be found at: https://www.centralbank.cy/images/media/pdf_el/SMS%202019H20004.pdf

 



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