Busi­ness ser­vices sec­tor down 2.2% soon af­ter cri­sis in 2013

Financial Mirror (Cyprus) - - FRONT PAGE -

The busi­ness ser­vices sec­tor saw a neg­a­tive growth rate of 2.2% in 2013, the year of the fi­nan­cial cri­sis when the Troika of in­ter­na­tional lenders bailed out the is­land econ­omy.

The Sta­tis­ti­cal Ser­vice Cy­s­tat said that dur­ing the same year, em­ploy­ment in the sec­tor de­creased by 6.7%

“The value added of the sec­tor at cur­rent mar­ket prices de­creased by 4% to EUR 3.8 bln in 2013, com­pared to 3.96 bln in 2012. The sec­tor’s con­tri­bu­tion to gross value added was 24.5% in 2013, com­pared to 24.1% in 2012, the Ser­vice said.

Of the to­tal value added, 51.9% was gen­er­ated by the real es­tate ac­tiv­i­ties, 24.2% by pro­fes­sional, sci­en­tific and tech­ni­cal ac­tiv­i­ties, 18.1% by in­for­ma­tion and com­mu­ni­ca­tion ac­tiv­i­ties and 5.8% by ad­min­is­tra­tive and sup­port ser­vice ac­tiv­i­ties.

Ac­cord­ing to the re­port, em­ploy­ment in the busi­ness ser­vices sec­tor de­creased by 6.7% in 2013 com­pared to the pre­vi­ous year to 39,287 per­sons, ac­count­ing for 9.5% of the to­tal gain­fully em­ployed pop­u­la­tion.

The re­port said that the gross fixed cap­i­tal for­ma­tion in 2013 de­creased by 31.6% com­pared to 2012 and reached EUR 524.8 mln. In­vest­ment in new build­ings ac­counted for 453.1 mln, ma­chin­ery and equip­ment for 59.7 mln, fur­ni­ture for 8.4 mln and trans­port equip­ment for 3.6 mln.

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