Accommodation and food services sector grew by 0.3% in 2014

The sector of accommodation and food service activities registered a positive growth rate of 0.3% in 2014 compared to a decrease of 7.0% in 2013, the Statistical Service announced on Wednesday, in its annual report “Hotels and Restaurants Statistics, 2014”.

It said that employment in the sector of hotels and restaurants increased by 8.6% in 2014 compared to the previous year and reached 36,432 persons, accounting for 10.7% of the total gainfully employed population.

The value added of the sector at current market prices increased by 1.3% to Euros 993,9 mn in 2014, compared to Euros 981,0 mn in 2013. The sector’s contribution to gross value added was 6.5% compared to 6.0% in 2013.

Of the total value added, 52.6% was generated through the activity of hotels and hotel apartments, 33.2% by restaurants and mobile food service activities, 10.2% by cafeterias

Source: Cyprus News Agency