Turnover rises for Cyprus hotels and IT

Data on the turnover of services by value show that hotels and computer services enjoyed a stronger second quarter, while lawyers and accountants seem to be having a bumper year.

In the second quarter of 2006, turnover value for hotels and restaurants rose by 8.8% compared with the same period of 2005, up from 2.0% in the first quarter.

Computers and related activities rose by 8.7% in the second quarter, up from 3.3% in the first.

Other categories saw a slowdown. According to our own calculations, which are not weighted, so do not take account of the relative size of each sector, total service turnover slowed from 9% in the first quarter to 6% in the second.

However, with year-on-year turnover growth of 9.8% in the second quarter, lawyers, accountants and market researchers still look like they will be popping champagne come year-end.

Advertising was also fairly strong, showing a rise of 6.6% in the second quarter, after 8.9% in the first.

Note that all the figures above relate to values, so do not adjust for what could simply be higher prices in some cases. F.M.