Cyprus business services worth 20% of GDP

Tourism fell below 10% of GDP in 2009 when measured on a balance of payments basis, but business services were already worth 20% of GDP in 2008, according to the annual report “Statistics on Business Services” for the year 2008.
According to the report value added at current market prices for the business services sector increased by 8.1% to EUR 3,094.1 mln compared with EUR 2,863.4 mln in 2007.
The sector contributed 20.3% to gross value added, as it did in 2007.
Gross output increased by 10.1% to EUR 4,218.4 mln in 2008 from EUR 3,830.4 mln in 2007.
Τhe most important contribution to the total value added was generated through the Real estate activities, accounting for 49.8% of the total.
Professional, scientific and technical activities accounted for 23.4% and by information and communication activities accounted for 19.8%.
Employment in the business services sector increased by 4.7% in 2008 and reached 31,577 persons, accounting for 7.8% of the economically active population and 8.4% of the gainfully employed population.
Gross fixed capital formation in the sector increased by 6.4% in 2008 to reach EUR 1,687.3 mln.
Investment in new buildings accounted for EUR 1,559.7 mln.
Investment in machinery and equipment amounted to EUR 79.3 mln, in furniture and fixtures EUR 14.5 mln and in transport equipment EUR 33.8 mln.

The report provides data on the number of enterprises, employment, labour costs, gross output, value added and gross fixed capital formation.
It is available for sale from the Government Printing Office at the price of EUR 6.50 or free from the Statistical Service website, www.mof.gov.cy/cystat.