The services sector in Cyprus

The services sector has become increasingly important as indicated by its 70% contribution to GDP and its share in employment, while the importance of agriculture and manufacturing is declining steadily.

Services include banking and financial services, insurance, advertising, legal, architecture and civil engineering, accounting and auditing, consultancy, design, electrical and mechanical engineering, market research, medical, printing and publishing, public relations, education, software development, tourism and related services.

The size and rate of growth of this sector, which has been the fastest in recent years, has led some observers to call Cyprus a "service economy".

* Wholesale and RetailTrading accounts for 12,7% of GDP

*Source: Statistical Service of the Republic of Cyprus - April 2008.