Official data shows growth in economic activity across all sectors in 2022

According to the results of the Services and Transport Survey conducted by the Cyprus Statistical Office, all sectors of economic activity recorded growth in 2022, while the service sector of the economy recorded a positive growth rate in 2022 compared to 2021.

According to the results of the Services and Transport Survey, the value of production in 2022 increased by 29.3% in transport and storage, by 44.8% in accommodation and catering, by 37.6% in information and communication, by 18.2% in real estate, by 13.0% in professional, scientific and technical activities, by 23.2% in administrative and support activities, by 8.7% in education, by 7.9% in health care and social assistance, by 40.2% in cultural, entertainment and recreation, and by 10.5% in other service activities.

In terms of value added at current prices, it said there were increases in all sectors. “There was a significant increase in accommodation and food services activities, up 48.0% to €1,397.1 million, and in information and communication, up 38.4% to €2,764.3 million,” it added. There were also significant increases in arts, entertainment and recreation, up 44.3% to €311.1 million, administration and support services, up 21.4% to €617.3 million, transport and storage, up 17.0% to €949.6 million, and education, up 15.8% to €428.7 million.

According to the report, employment increased in all sectors of the economy in 2022. The highest employment was recorded in accommodation and food services, where 52,247 people were employed, followed by professional, scientific and technical activities, where 38,289 were employed, information and communication, where 21,024 were employed, transport and storage, where 20,686 were employed, and administrative and support services, where 17,942 were employed.