Cypriot architects have a rough ride in Q4

Cypriot architects had a rough ride in the fourth quarter of 2008 according to figures on turnover for the fourth quarter of 2008 but accountants and lawyers were still recording a strong increase in turnover.
According to the figures, the turnover value index of “Architectural, Engineering and other related activities” fell by 16.1% compared with the corresponding period of 2007.
The drop in turnover is presumably related to a weaker real estate sector.
Tourism faired pretty badly too. The turnover value index of the “Hotels and Restaurants” sector for the period October-December 2008 recorded a decrease of 5.0% compared to the corresponding period of 2007.
However, on a more positive note, “Computer and related activities” rose by 4.8%.
Most impressive of all, however, was “Legal, Accounting, Book-keeping, Auditing and other related activities”, which despite the global downturn rose by 17.1%. This could make sense if one considers that companies undergoing large-scale cost-cutting measures may need their accountants more than usual.
The Statistical Service also announced turnover data for transport in the same period. This showed that land transport activity increased by 1.1% compared to the corresponding period of 2007; water transport rose by 6.7%, air transport by 0.4% and post and telecommunications by 3.6%.

Fiona Mullen
www.sapientaeconomics.com