2024: A Year Of Booming Growth In Cyprus’ Service Sector

by News Editor

March 6, 2025

According to recent data from Cystat, Cyprus witnessed remarkable growth in its Service Turnover Index during 2024. The year-on-year increase is most notable in the final quarter, showcasing a resurgent economic trend.

Annual Turnover Highlights

The period from January to December saw notable increases across various industries. Administrative and support services led with an impressive 8.9% growth, closely followed by accommodation and food services at 8.2%. Tourism’s Record Earnings are reflective of such growth. Additionally, information and communication technologies rose by 8.0%, while real estate activities marked a 6.5% increase, underlining the island’s diverse economic sphere.

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Fourth Quarter Surge

During the fourth quarter, accommodation and food services again took the lead with a 8.9% hike. Not far behind were administrative and support activities with 7.0%, and ICT at 6.5%. Real estate management and professional services also showed solid growth at 5.0% and 3.7% respectively.

For more on Cyprus’ strategic development plans, explore Cyprus Bets On Renewable Hydrogen.

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Cyprus Construction Price Index Rises Amid Cost Pressures

by THEFUTURE.TEAM

February 19, 2026

The latest data from the Cyprus Statistical Service (Cystat) shows that the Price Index of Construction Materials in Cyprus reached 118.89 points in January 2026, based on a 2021 average of 100. Compared with December 2025, the index increased by 0.12%, indicating gradual price adjustments across the sector.

Year-Over-Year Growth

On an annual basis, the index recorded a 1.09% increase compared with January of the previous year. The rise reflects ongoing changes in contractor costs and highlights evolving market conditions within the construction industry.

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Commodity-Specific Movements

The report provides a detailed breakdown by material category. Minerals recorded the strongest annual increase at 2.91%, followed by electromechanical products at 2.55%. Products made from wood, insulation materials, chemicals and plastics rose by 1.19%, while mineral products increased by 0.97%. In contrast, metallic products declined by 0.49%.

Volatility In Sub-Categories

More pronounced changes were observed within specific sub-categories. Mineral aggregates rose by 8.34%, while stones increased by 4.97% compared with January 2025. Electrical fixtures posted a 4.65% increase. Iron and steel products declined by 1.73%, and ceramics and cement continued to trend lower, falling by 1.47% and 1.38% respectively.

Methodological Insights

The index is calculated as a weighted average based on the expenditure share of sampled materials during the 2021 base year. Prices are collected monthly from a range of suppliers, using the 15th of each month as the reference date and excluding VAT. The Construction Costs Index applies specifically to new residential buildings.

This detailed analysis not only sheds light on current market trends but also offers stakeholders a robust framework for understanding the underlying cost dynamics in Cyprus’s construction materials market.

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