All sectors of economic activity in Cyprus expanded in 2022

Cyprus experienced growth across all sectors of economic activity in 2022, with the services sector overall showing a positive trajectory compared to 2021, according to the results of the services and transport survey for that year.

According to a statement from the Cyprus Statistical Service (Cystat), the production value in 2022 saw notable increases across various sectors. The transportation and storage sector (sector H) experienced a rise of 29.3 per cent.

In accommodation and food service activities (sector I), there was a significant increase of 44.8 per cent. The information and communication sector (sector J) had an uplift of 37.6 per cent.

Real estate activities (sector L) recorded an increase of 18.2 per cent. Professional, scientific, and technical activities (sector M) saw a rise of 13 per cent. Administrative and support service activities (sector N) increased by 23.2 per cent.

Education (sector P) experienced a growth of 8.7 per cent, while human health and social work activities (sector Q) grew by 7.9 per cent.

The arts, entertainment, and recreation sector (sector R) saw an increase of 40.2 per cent. Lastly, other service activities (sector S) recorded a rise of 10.5 per cent.

Regarding the added value at current prices, increases were recorded in all sectors. Notable rises were seen in accommodation and food service activities (48.0 per cent), reaching €1.39 billion, and in information and communication (38.4 per cent), reaching €2.76 billion.

Significant increases were also observed in arts, entertainment, and recreation (44.3 per cent), reaching €311.1 million; administrative and support service activities (21.4 per cent), reaching €617.3 million; transportation and storage (17.0 per cent), reaching €949.6 million; and education (15.8 per cent), reaching €428.7 million.

Employment in 2022 rose across all activity sectors. The highest employment figures were recorded in accommodation and food service activities with 52,247 people, as well as professional, scientific, and technical activities with 38,289 people.

Moreover, information and communication also figured prominently with 21,024 people; followed by transportation and storage with 20,686 people; and, finally, administrative and support service activities with 17,942 people.