Cyprus services turnover is routed in Q3

The Statistical Service reported the general turnover index for a range of services on Monday, showing that the sector underwent a routing in the third quarter.
The general turnover index (which does not refer to the whole services sector) recorded a decrease of 6.1% compared to the period July – September 2008.
Accommodation services (hotels) recorded a large decrease of 13.9% compared to the corresponding period of 2008, whereas the sector of food and beverage service activities recorded a decrease of 2.0%.
The broader sector of accommodation and food service activities (hotels & restaurants) recorded a decrease of 8.3%.
A very large decrease of 17.1% was recorded in the sector of travel agencies and a decrease of 2.7% was recorded on the sector of telecommunications.
The traditionally more buoyant sectors of law and accounting did not escape unscathed. Compared to the corresponding period of 2008, decreases of 3.7% and 8.6% respectively were recorded in the sectors of legal & accounting activities and architectural & engineering activities respectively.
Finally, a decrease of 8.2% was recorded on the sector of computer programming and related activities.

Transport services also down

Transport services were also mainly down.
Land transport activity decreased by 17.3% compared to the corresponding period of 2008, while air transport decreased by 5.6%.
Water transport turnover value, however, increased by 6.2% compared to the corresponding period of 2008.
Postal and courier activities turnover value also increased by 3.1% compared to the corresponding period of 2008.