CYPRUS

Accommodation & Food Services Plunge While Information Services Rise During Covid

As per sources in the Republic of Cyprus, the Covid-19 Pandemic seems to have impacted the accommodation and food services negatively most. On the other hand, according to Cystat information services made a significant rise in Cyprus in 2020 due the consequential restrictions to fight the pandemic.

According to Cystat a decrease of 56,1% was seen for the accommodation and food sectors in the 2020 calendar year in comparison with 2019. This was followed by a decrease of 31,1% in the administrative and support service sectors and a 10,8% decrease in the professional, scientific and technical activities. However, contradictory to this an increase of 2,3% was seen in the information and communication services.

The rapid shift to online services due to the Covid-19 pandemic is extremely visible as there has been an increase of 65,3% in information services such as web hosting & data processing in 2020 becoming the only economic activity in the calendar year to make any significant gains.

The heaviest blow of the pandemic was dealt to the travel agency, tour operation reservation service and other related activities which due to travel restrictions took an annual dip of 85% and was followed by the accommodation services with a dip of 79%. Other services relating to motion pictures, video and television program production, sound recording, and music publishing took a dip of 41.2%. Lastly, food and beverage services declined by 36%.

Fuel Sales Continue Downward Spiral

Fuel sales meanwhile also received their fair share from the Covid-19 pandemic and they also continued their downward spiral in January 2021. According to Cystat the total sales of petroleum products amounted to 89,362 tonnes, recording a decrease of 31,8% compared to January 2020.

Word From Cyprus

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