The position of expertise corporations in rising the expansion charge of the Cypriot GDP and the economic system usually is being recorded an increasing number of.
The expansion of the Data and Communication (ICT) sector has been leaps and bounds over the previous decade, leading to its share of the gross home product competing with that of conventional sectors of the economic system, resembling tourism.
The incentives granted by the Authorities attracted international businessmen, who along with Cypriots have created an ecosystem that is ready to contribute considerably to the event of the economic system.
Indicative is the variety of members of the non-profit group Techisland, which already has greater than 270 members. Which members, energetic throughout the spectrum of the expertise trade, in flip make use of greater than 20,000 folks.
The TechIsland group is immediately maybe the most important enterprise Affiliation of Know-how Firms in Cyprus. The affiliation, established in 2021, has got down to speed up the event of the Know-how Business and place Cyprus on the worldwide expertise map. It additionally goals to make the expertise sector a very powerful driver of GDP development and develop the labor market by 2030.
Talking to “F”, the economist Tasos Yasemidis famous that this can be a quickly rising sector, whose share in GDP is approaching 14%, surpassing conventional sectors of the economic system. As he mentioned, the ICT sector has a major contribution in enhancing the expansion charge. It’s a department that impacts the economic system horizontally, as he mentioned. Mr. Yasemidis famous that Cypriot corporations are additionally energetic within the sector, however there was a major decline of international corporations, on account of the incentives granted by the Authorities, as he mentioned.
It’s famous that primarily based on knowledge from the Statistical Service, introduced initially of the 12 months, this sector within the final decade exhibits a mean development charge of 15%, with catering and catering companies (tourism) in second place with 12.7% and administrative and supporting actions (on this sector there are additionally actions associated to tourism), with a mean development charge of just about 10%.
The ICT sector is now the third largest producer, accounting for 9.6% of whole gross worth added in 2022, behind wholesale and retail commerce with 12.2%, which is in first place, and intently following monetary and insurance coverage actions, that are in second place with 9.8% of whole gross output.
Indicatively, in 2013 the share of the sector was solely 4.3% of the entire gross worth added, whereas the monetary and insurance coverage actions sector was in first place with 12%, which additionally demonstrates the diversification that has been achieved within the Cypriot economic system after the 2013 disaster.
In absolute phrases, the entire contribution (by way of gross worth added) of the sector in 2022 amounted to €2.33 billion, displaying a proportion enhance of 277% in a decade, with persistently massive will increase recorded within the final three years, aided by the incentives that had been given to the exercise of ICT corporations in Cyprus.
