NewsLocalGrowth recorded in Cyprus last year compared to 2020, says OEB

Growth recorded in Cyprus last year compared to 2020, says OEB

Growth in the Mediterranean island’s services and industry sectors was recorded by the Cyprus Federation of Employers and Industrialists (OEB) in 2021.

This is what a Federation announcement said on Saturday, adding that the wider services sector which accounts for 84% of the country’s GDP recorded positive growth last year compared to 2020. Growth was negative in almost all sectors in 2020.

More significant growth last year was recorded in the sectors of Accommodation and Catering Services (37,9%), Arts, Entertainment and Recreation (9,3%), Information and Communication (5,9%) and Administrative and Support Activities (5,4%).

In addition, the tourism sector showed significant improvement with tourist arrivals in Cyprus in 2021 reaching 1,936,931 compared to 631,609 in 2020 and 3,976,777 in 2019.

This marks an increase of 206,7% last year compared to 2020 and a decrease of 51,3% compared to 2019 respectively.

The contribution of shipping was also important, with the sector’s share of GDP reaching 7%.

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