Cyprus Business Services sector growth slowed in 2007

Business Services sector added value in real terms increased by 6,4% in 2007, compared to 7,3% increase that was realiSed in 2006, according to the annual report «Statistics on Business Services».

Statistical Services data released on Tuesday, showed that at current market prices, value added in 2007 increased by 17,5% to 807,2 mn euro compared to 687,2 mn in 2006 and its contribution to G.D.P. increased in 2007 to 5,8% from 5,3% in 2006.

Gross output increased by 16,3% to 1.180,7 mn euro from 1.014,7 mn in 2006.

The most important contribution to the total value added was generated through the activity of Accounting, Auditing, Tax Consultancy and related activities 26,5%, Legal activities 17,5%, Computer and related activities 12,9%, Architectural & Engineering activities and related technical consultancy 10,8% and Renting of machinery and equipment without operator and of personal and household goods sector 8,1%.

The statistics recorded a 6,8% rise in Employment in Business Services sector compared to the previous year that reached 18.668 persons, accounting for 4,7% of the total economically active population and 5,0% of the total gainfully employed population.

Gross fixed capital formation in 2007 increased by 1,9%, compared to 2006, and reached 63,6 mn. Euro. Investment in new buildings accounted for 10,4 mn, in machinery and equipment 24,1 mn, in furniture and fixtures 7,9 mn and in transport equipment 21,2 mn.