Business services sector declines 2.2% in 2013

Business services sector declines 2.2% in 2013

The business services sector registered a negative growth rate of 2.2% in 2013, the Statistical Service of Cyprus announced on Monday.

During the same year, employment in the sector decreased by 6.7%, the Service said in its annual report «Statistics on Business Services, 2013», which provides data on the number of enterprises, employment, gross output, value added, labour cost and other expenses and gross fixed capital formation.

“The value added of the sector at current market prices decreased by 4% to €3.800,8 mn in 2013, compared to €3.958,2 mn 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 and reached 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 €524,8 mn. Investment in new buildings accounted for €453,1 mn, machinery and equipment for €59,7 mn, furniture for €8,4 mn and transport equipment for €3,6 mn.