Cyprus education sector worth nearly EUR 900 mln

The education sector in Cyprus was worth just short of EUR 900 mln in 2007, according to a report just released on education indicators for 2007.
The annual report entitled Economic Statistics on Education 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 showed that gross output amounted to EUR 882.1 mln in 2007, a rise of 7.6% compared with the EUR 819.8 mln recorded in 2006.
Value added in the sector at current prices rose by 7.4% to EUR 779.2 mln, compared with EUR 725.2 mln in 2006 although its contribution to GDP was 5.6% in 2007 compared to 5.8% in 2006.
Value added in real terms (adjusted for inflation) increased by 2.1% compared to 3.0% in 2006.
In the private education sector, the most important contribution to the total value added was generated through the activity of “institutes & other education, which accounted for 39.8% of the total. Higher education was 23.6%, secondary education 19.6% and primary education 15.1%.
In the public education sector, the most important contribution to the total value added was generated through the activity of secondary education, accounting for 47.4%, followed by pre-primary & primary education with 37.9%.
Employment in the education sector increased by 5.3% in 2007 compared to the previous year and reached 20,588 persons, accounting for 5.2% of the total economically active population and 5.6% of the total gainfully employed population.
Gross fixed capital formation in the sector increased by 9.1% to EUR 41.0 mln from EUR 37.6 mln in 2006.
Investment in new buildings accounted for EUR 25.8 mln, in machinery and equipment EUR 8.8 mln, in furniture and fixtures EUR 4.8 mln and in transport equipment EUR 1.6 mln.