Cyprus Economic Sectors Show Turnover Growth in 2024 Driven by Tourism and Technology

In 2024, the turnover of most economic sectors in Cyprus saw an increase, reflecting the broader economic growth of the country, primarily fueled 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 indicated a rise in nearly all major service sectors compared to the same period in 2023.

The data for the entire year also showed a positive trend, with administrative activities increasing by 8.9 per cent, accommodation and food services by 8.2 per cent, and information services experiencing a remarkable growth of 51.8 per cent.

During the fourth quarter, the most significant increase was noted in the accommodation and food service sector, which grew by 8.9 per cent. Following this, administrative and support activities 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, and professional, scientific, and technical activities recorded a 3.7 per cent increase.

Among the most notable performances was the information services sector, which witnessed a surge of 39.5 per cent in the fourth quarter and an impressive 51.8 per cent for the year. This significant growth underscores the strengthening of Cyprus’ digital economy.

Travel services also experienced a robust recovery, increasing by 20.3 per cent in the fourth quarter and by 10 per cent for the year, reaffirming the resurgence of the tourism sector. Other areas that recorded 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 experienced declines. Legal and accounting services saw a drop of 3.2 per cent in the fourth quarter and a decrease of 3.1 per cent for the full year.

By fLEXI tEAM