Business services dominate Cyprus economic output
The Cyprus Statistical Service (Cystat) on Thursday announced the publication of a detailed economic roadmap for 2022, showing that the total value of goods and services supplied and used in the economy reached €96.66 billion.
The published Supply, Use and Input-Output tables function as a comprehensive economic account of the country, tracking how products are produced, imported, and ultimately consumed by households and businesses.
The service also stated that data covering the period from 2018 to 2021 has undergone revisions to improve accuracy and consistency.
Analysis of the figures shows that business services dominate the economy, accounting for 48.4 per cent of total supply, including sectors such as professional consulting, real estate, and technical services.
Manufacturing products represent the second-largest category, contributing 25.1 per cent of total supply, followed by distribution and transport services at 10.5 per cent.
Other services account for 8.4 per cent, while construction works contribute 6.2 per cent, and agriculture, forestry, and fishing products make up 1.4 per cent of total supply.
In terms of origin, domestic production reached €64.38 billion, representing 66.6 per cent of total supply within the Cypriot economy.
At the same time, total imports were valued at €28.93 billion, accounting for 29.9 per cent of supply, underlining the significant role of external trade.
Net taxes on products, including VAT and excise duties, contributed an additional €3.34 billion to overall supply.
The data further highlights the strong impact of imports on specific sectors, particularly manufacturing, where they accounted for 47.8 per cent of total supply in that category.
Net taxes on products were found to have a relatively higher share in construction works at 9.1 per cent, as well as in manufacturing products at 7.6 per cent, compared to other sectors.
The findings provide a detailed snapshot of the structure and composition of the Cypriot economy, offering insights into sectoral contributions and the balance between domestic production and imports.