Service sector records positive growth in 2016

The tertiary sector of the economy registered in 2016 a positive growth rate compared to 2015, according to the results of the Services and Transport Survey, published on Thursday by the Statistical Service.

In particular, production value showed an increase of 8.6% in transportation and storage, 11.9% in accommodation and food service activities, 16.2% in information and communication, 22.4% in real estate activities, 9.3% in professional, scientific and technical activities and 9.7% in administrative and support service activities.

Value added at current prices also rose. An increase of 4.8% to Euros 739,4 million was registered in transportation and storage, 11.7% to Euros 1.143,9 million in accommodation and food service activities, 3.2% to Euros 817,3 million in information and communication, 21.5% to Euros 83,0 million in real estate activities, 6.6% to Euros 1.077,0 million in professional, scientific and technical activities and 6.0% to Euros 265,1 million in administrative and support service activities.

Cystat said that the number of employees also increased. Employment in transportation and storage reached 17.099 persons recording an increase of 2.6%, in accommodation and food service activities 41.042 (+8.6%), in information and communication 9.616 (+8.6%), in real estate activities 1.884 (+9.4%), in professional, scientific and technical activities 24.776 (+6.1%) and in administrative and support service activities 10.716 persons (+7.5%).

Source: Cyprus News Agency