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Growth Recorded In The Services And Industry Sectors In 2021, According To Industrialists Federation

Growth Recorded In The Services And Industry Sectors In 2021, According To Industrialists Federation

Growth was recorded in 2021 in the services and industry sectors, according to a statement issued by the Cyprus Employers and Industrialists Federation (OEB) on Saturday.

OEB notes that in 2021 the broader services sector, which constitutes 84% of the country's GDP, recorded positive growth compared to 2020, when growth was negative in almost all sectors. The most significant growth was recorded in Accommodation and Food Service Activities (37.9%), Arts, Entertainment and Recreation (9.3%), Information and Communication (5.9%) and Administrative and Support Activities (5.4%), the announcement adds.

In addition, it is noted that the tourism sector also showed significant improvement, with tourist arrivals in Cyprus in 2021 reaching 1,936,931 compared to 631,609 in 2020 and 3,976,777 in 2019, showing an increase of 206.7% compared to 2020 and a decrease of 51.3% compared to 2019 respectively, while for the period January - December 2021 tourism revenues are estimated at €1.513,6 million, compared to €392 million in the corresponding period of 2020, showing an increase of 286,1%.

Shipping also made a significant contribution, with the sector's share of GDP reaching 7%, while it is underlined that Cypriot shipping is the eleventh largest merchant fleet in the world and the third largest in the European Union.

In terms of industry, in 2021 the sector's growth rate marked an increase of 6.2% compared to a negative 5.8% in 2020, while its contribution to GDP reached 14.6%.

According to the statement, in 2021, the federation participated in multiple activities aimed at increasing the industry's contribution to GDP, such as implementing the Industrial Policy actions in cooperation with the Ministry of Industry, submitting recommendations to the competent Minister to enhance the competitiveness of the industry and raising the issue of unfair competition resulting from the way the Green Line Regulation on trade with the occupied territories is implemented.

Finally, it is noted that the progress of both the services and the industry sector will be discussed at the OEB's Annual General Assembly, taking place on Wednesday 25 May, in Nicosia – the President of the Republic Nicos Anastasiades will attend and address the event.

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