Services output increase by 6.6% in 2022 OEB says

07:44 - 10 April 2023

Economy

The output of the Services sector in Cyprus marked an annual increase of 6.6% in 2022, driven mainly by the hotels and restaurants sector, which rose by 44%, Information and Communication which rose by 15% and Transport and Storage with an annual rise of 11%.

According to data provided by the Federation of Employers and Industrialists (OEB), in view of its annual general meeting to be held on April 25, the tourist sector improved in 2022 compared with the previous year but remains below the level of 2019, a historic record in tourist arrivals for Cyprus.

Tourist arrivals last year amounted to 3.20 million significantly higher than 1.94 million in 2021 but remain below the almost 4 million arrivals of 2019.

Furthermore, OEB states that 2022 confirmed that the Cypriot shipping remains “a notable force in global shipping.”

The Cypriot shipping, OEB noted, remains a globalised industry with a very substantive contribution to the local economy, representing 7% of Cyprus’ GDP.

Despite difficulties stemming from the COVID-19 pandemic and the war in Ukraine, the Cypriot shipping remained one of the “significant lifelines” of the economy, OEB added, noting that Cyprus has the 11th global commercial fleet and the third largest in the European Union.

(Source: CNA)

Services output increase by 6.6% in 2022 OEB says

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