Insider Business Productivity increases in Cyprus in 2017

Productivity increases in Cyprus in 2017

Productivity in Cyprus rose in 2017, according to preliminary data published by the Cyprus Productivity Centre (CPC). According to the CPC, productivity measured as GDP per employee rose by 0,5% in 2017 compared with 2016, while productivity measured as GDP per working hour increased by 0.6% compared with 2016.

The rise in labour productivity is mainly due to the GDP increase by 3.9%, employment increase by 3.4% and the numbers of employees by 3,4% and working hours by 3.3%, the CPC said.

For the period of 2015-2017 labour productivity in Cyprus rose by 0.4% measured as GDP per employee and by 0.5% measured as GDP per working hour. Cyprus, secondary sector marked the highest increase with 7.0%, due to a 12.9% rise in Gross Value Added per working hour and an increase of 5.5% in total working hours.

The primary sector, where Gross Value Added increased but working hours remained the same, registered an increase of 2.5% compared with 2016. In construction, productivity spiked by 14.9% due to GVA which rose by 25% and employment by 8.8%, the CPC added.

The sectors of hotels and restaurants, manufacturing industries and wholesale and retail trade also increased with GVA per working hour increase of 5.7%, 3.7% and 2.6% respectively, owing to increase in GVA and an increase in employment to a smaller extend. According to the CPC, productivity in the financial and insurance services sector marked a negative change, due to a reduced GVA in the sector, combined with an increase in employment. Productivity in transport and storage also declined compared with 2016.

In 2017 labour productivity for the whole of the Cypriot economy is calculated in constant prices at €48,847 per employee and at €27,38 per working hour, the CPC noted.

Top Stories

164 new cases, one death announced on Thursday

The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 178,...

Where to get antigen rapid tests on Friday

The Health Ministry announced the following antigen rapid test sites for Friday, 22 January 2021: LIMASSOL Parking place Sklavenitis supermarket, Germasogia 08:30-16:30 Parking place Lidl supermarket, Limassol...

Alcohol consumption among Cypriot students high

Alcohol consumption among students has been reduced, the Cyprus National Addictions Authority ascertained on the basis of a European research, conducted every four years....

Earthquake measuring 5 felt all over Cyprus

An earthquake measuring 5 on the Richter scale occurred around 16:30 and was felt all over Cyprus. Due to the earthquake, the Parliament session that...

UK hits 5m vaccine doses as health minister defends scheduling change

British health minister Matt Hancock on Thursday (January 21) lamented another record daily number of COVID-19 deaths, but hailed the achievements of the UK's...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...