Cyprus healthcare sector worth EUR 750 mln in 2007

The healthcare sector in Cyprus was worth EUR 758.2 mln in 2007, according to the annual report “Economic Statistics on Health” for the year 2007m published by the Statistical Service.
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.
During 2007, the report showed that gross output increased in current price terms by 8.3% to EUR 758.2 mln from EUR 699.8 mln in 2006.
Value-added at current market prices increased by 7.4% to EUR 500.0 mln compared with EUR 465.4 mln in 2006. Healthcasre as a proportion of GDP stabilised at 3.7% in 2007 compared with 3.8% in 2006.
In real terms, value-added in the health sector increased by 2.1% compared with the 3.3% increase that was realised in 2006.
In the private health sector, the most important contribution to the total value added was generated through the hospital activities, which accounted for 27.2% of the total.
Medical practice activities accounted for 26.3% and other human health activities 15.7%.
In the public health sector, the most important contribution to the total value added was generated through the hospital activities at 85.4%.
Employment in the healthcare sector increased by 4.4% in 2007 and reached 14,721 persons.
Healthcare accounted for 3.7% of the total economically active population and 4.0% of the total gainfully employed population.
Gross fixed capital formation in the sector decreased by 34.5% in 2007 to EUR 26.0 mln from EUR 39.6 mln in 2006.
Investment in new buildings accounted for EUR 11.8 mln, in machinery and equipment EUR 9.2 mln, in furniture and fixtures EUR 4.5 mln and in transport equipment EUR 0.5 mln.