The turnover of most economic sectors in Cyprus recorded an increase in 2024, reflecting the country’s broader economic growth, which has been driven by key industries such as tourism and technology.

According to the Cyprus Statistical Service, the Index of Turnover in Services for the fourth quarter of 2024 showed a rise in almost all major service sectors compared to the same period in 2023.

The data for the full year also indicated a positive trend, with administrative activities increasing by 8.9 per cent, accommodation and food services by 8.2 per cent, and information services by a remarkable 51.8 per cent.

During the fourth quarter, the most significant increase was observed in the accommodation and food service sector, which grew by 8.9 per cent.

This was followed by administrative and support activities, which saw a 7.0 per cent rise, while the information and communication sector expanded by 6.5 per cent.

The real estate sector grew by 5.0 per cent, while professional, scientific, and technical activities recorded a 3.7 per cent increase.

Among the most notable performances was the information services sector, which saw a surge of 39.5 per cent in the fourth quarter and 51.8 per cent for the year.

This significant growth highlights the strengthening of Cyprus’ digital economy.

Travel services also experienced a strong recovery, increasing by 20.3 per cent in the fourth quarter and by 10 per cent for the year, reaffirming the tourism sector’s resurgence.

Other areas that posted notable increases included security and investigation services, which rose by 10.9 per cent annually, and office administrative services, which saw a 10.8 per cent increase.

Despite the overall positive performance of the services sector, some areas recorded declines.

Finally, legal and accounting services saw a drop of 3.2 per cent in the fourth quarter and 3.1 per cent for the full year.