Cyprus business services worth 5.8% of GDP

Business services in Cyprus account for 5.8% of gross domestic product (GDP) according to statistics published in the annual report entitled “Statistics on Business Services” for the year 2007.
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 report says that value added at current prices in 2007 increased by 17.5% to EUR 807.2 mln compared to EUR 687.2 mln in 2006.
The contribution to GDP of business services increased in 2007 to 5.8% from 5.3% in 2006. Value added in real terms increased by 6.4% compared to 7.3% in 2006.
Gross output increased by 16.3% to EUR 1,180.7 mln from EUR 1,014.7 mln in 2006.
Accounting the most important
Τhe most important contribution to the total value added was generated through the activity of “accounting, auditing, tax consultancy and related activities, which accounted for 26.5% of the total.
Legal activities accounted for 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%.
Employment in the business services sector increased by 6.8% in 2007 compared to the previous year and 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 the sector increased by 1.9%, reaching EUR 63.6 mln. Investment in new buildings accounted for EUR 10.4 mln, in machinery and equipment EUR 24.1 mln, in furniture and fixtures EUR 7.9 mln and in transport equipment EUR 21.2 mln.