Cyprus service sector sees robust growth in second quarter

Cyprus has witnessed a significant increase in the turnover of services during the second quarter of 2023 when compared to the same period in 2022.

This growth has been noted across all sectors of economic activity within the services industry, with the most substantial annual increase occurring in the accommodation and food services sector, which saw a remarkable 19.4 per cent surge.

According to data released by the Cyprus Statistical Service, the Business Turnover Index for the second quarter of 2023 exhibited positive trends when compared to the corresponding quarter in 2022.

Notable increases were observed in key sectors, including accommodation and food services (19.4 per cent), administrative and support activities (12.9 per cent), information and communication (11.1 per cent), and professional, scientific, and technical activities (2.0 per cent).

Moreover, during the period from January to June 2023, the indicators for various service sectors continued to display growth compared to the same period in 2022, according to the Cyprus Statistical Service.

These sectors included accommodation and food services (23.5 per cent), administrative and support activities (15.2 per cent), information and communication (6.2 per cent), and professional, scientific, and technical activities (5.8 per cent).

The significant expansion in service sector activities highlights the resilience of Cyprus’s economy during the specified period, with the accommodation and food services sector leading the way in terms of substantial year-on-year growth.