In November 2023, Cyprus’s economic climate saw positive signs of growth, driven by the services and construction sectors. The services sector showed strength in business health and turnover, while the construction industry benefited from positive evaluations of ongoing projects and workforce projections. Retail trade faced mixed conditions, and manufacturing encountered challenges. Consumer sentiment indicated a slightly more positive outlook, but caution remained prevalent.
1 cyprus construction sector
The construction sector in Cyprus is a crucial part of the country’s economy, contributing around 1517% to the GDP and providing employment for approximately 43,000 individuals. It plays a vital role in transforming Cyprus into a regional business and investment hub, attracting foreign buyers and supporting economic growth.