Cyprus hotels and restaurants account for 5.9% of GVA

 Gross output in the hotels and restaurants sectors reached EUR 1.815,7 mln in 2010, up from EUR 1.751,6 mln in 2009 according to the Statistical Service’s annual report entitled Hotels and Restaurants Statistics.
The sector’s value added at current market prices increased by 1.9% to EUR 927.8 mln, from EUR 910.2 mln in 2009.
However, its contribution to the economy (gross value-added or GVA) in 2010 fell slightly to 5.9% from 6.0% in 2009.
Value added in constant (real) terms increased by 3.4% after a 6.0% decrease in 2009.
Around half of the sector is accounted for by hotels.
Of the total value added in 2010, 48.4% was generated by the activity of hotels and hotel apartments, 34.7% by restaurants and mobile food service activities and 12.5% by cafeterias, coffee shops, bars, pubs and night clubs.
Only 2.3% was generated by event catering and other food service activities and 2.1% by other short-stay accommodation such as camping sites.
Employment in hotels and restaurants increased by 3.7% in 2010 compared to the previous year, reaching 37,427 persons, accounting for 8.4% of the total economically active population and 9.2% of the total gainfully employed population.

Investment tumbled
Gross fixed capital formation in the sector fell dramatically, falling by 31.0% in 2010 to EUR 99.9 mln.
Investment in buildings (hotels, hotel apartments, restaurants etc.) accounted for EUR 53.1 mln, machinery and equipment for EUR 19.8 mln, furniture and fixtures EUR 25.2 mln and transport equipment EUR 1.8 mln.