Cyprus hotel and restaurant sector worth EUR 1.9 bln

The Statistical Service has announced the publication of the annual report Hotels and Restaurants Statistics for the year 2007, showing that the total sector is worth EUR 1.9 bln in gross output terms.
The report provides data on the number of establishments, employment, labour costs and other expenses, gross output, value added and data for the expenditure on fixed assets.
The main developments were as follows.
During 2007 value added increased in real terms by 1.9% compared with the 3.7% increase that was recorded in 2006.
At current market prices, value added in 2007 increased by 10.0% to EUR 1,011.5 mln compared with EUR 919.4 mln in 2006 and its contribution to GDP increased in 2007 to 7.3% from 7.1% in 2006.
Gross output increased by 13.6% and reached EUR 1,867.6 mln from EUR 1,643.4 mln in 2006.
Of the total value added, 39.6% was generated through the activity of hotels, 11.2% by hotel apartments, 23.6% by restaurants and taverns, 6.9% by cafeterias and coffee shops, 3.6% by night clubs and cabarets, 3.9% by fastfood outlets and take away restaurants and 11.2% by other eating and drinking places.
Employment in restaurants and hotels increased by 6.5% in 2007 compared with the previous year and reached 38,289 persons, accounting for 9.7% of the total economically active population and 10.3% of the total gainfully employed population.
Gross fixed capital formation in 2007 decreased by 1.4% and reached EUR 93.4 mln. Investment in new buildings (hotels, hotel apartments, restaurants etc.) accounted for EUR 39.1 mln.
Investment in machinery and equipment was EUR 21.5 mln, in furniture and fixtures EUR 30.6 mln and in transport equipment EUR 2.2 mln.