ICT is Cypriot GDP champion
The information and communication technology sector is the undisputed champion of growth in Cyprus, as revealed by GDP data published by the Statistical Service of Cyprus (CyStat), highlighting the momentum of the sector as a component of the Cypriot GDP.
The rising performance of the ICT sector reflects the ever increasing importance of technology in economic activity, coupled with the efforts of the government to attract the relocation of ICT companies to the island.
According to the latest CyStat data, in the last decade the ICT sector marked an average growth rate of 15%, outperforming all other sectors of the economy. ICT was followed by accommodation and food service activities, a sector associated with tourism, with average growth of 12.7% and administrative and support service activities (which also includes tourism-related activities) with an average growth rate of 10%.
The sector’s share in Cyprus’ gross value-added rose to 9.6% in 2022, third highest behind wholesale and retail trade, which tops the ranks with 12.2% of total output, and financial and insurance activities with 9.8%. A decade ago, the financial sector was at the top with 12%.
