Accommodation and food services surge in Q4, dip in professional activities

Cyprus’ Business Cycle Index recorded an increase in accommodation and food services during the fourth quarter of 2023, along with a decline in professional activities, according to a report released this week by the state’s statistical service.

During the fourth quarter of 2023, the Business Cycle Index experienced growth when compared to the same quarter of the previous year, across a number of industries.

Specifically, in the sectors of accommodation and food services it grew by 16.4 per cent year-on-year, followed by administrative and support activities with 11.9 per cent, and information and communication, which expanded by 5.8 per cent.

Conversely, a decrease was observed in the field of professional, scientific, and technical activities, with a decline of 1.7 per cent.

From January to December 2023, there were increases in the indices for various sectors when compared to the same period in 2022.

Specifically, accommodation and food services saw a rise of 18.9 per cent, administrative and support activities increased by 15.5 per cent, professional, scientific, and technical activities grew by 2.7 per cent, and information and communication witnessed a 2 per cent increase.

It should be noted that business cycle indicators (BCI) are composite indexes of leading, lagging, and coincident indicators used to analyse and predict trends and turning points in the economy.