The services sector in 2023 saw robust growth, with accommodation and catering services leading the way with an 18.9% increase, administrative and support services following closely with a 15.5% rise. Professional, scientific, and technical activities also saw significant growth at 2.7%, reflecting global technological trends.
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.
