The Business Turnover Index in Industry increased by 1.6% in 2024 compared to 2023, according to data released on Wednesday by the Cyprus Statistical Service. In December 2024, the index reached 131.7 points (base year 2021=100), marking a 5.6% rise compared to December 2023.

In the manufacturing sector, the index stood at 136.7 points in December 2024, reflecting a 7.3% year-on-year increase. Other sectors also recorded growth:

• Water supply and material recovery rose by 11.5%.
• Mining and quarrying increased by 2.6%.
• In contrast, electricity supply recorded a 4.7% decline.

Similarly, the Business Turnover Index in Services showed significant growth in both Q4 and the full year 2024, based on official data.

For the period January–December 2024, turnover increased notably in:

• Administrative and support services (+8.9%)
• Accommodation and food services (+8.2%)
• Information and communication technologies (ICT) (+8.0%)
• Real estate management (+6.5%)
• Professional, scientific, and technical activities (+2.5%)

In Q4 2024, turnover also rose compared to the same period in 2023 across key service sectors:

• Accommodation and food services (+8.9%)
• Administrative and support services (+7.0%)
• ICT services (+6.5%)
• Real estate management (+5.0%)
• Professional, scientific, and technical activities (+3.7%)

The Business Turnover Index in Transport and Storage increased by 1.6% in 2024 compared to 2023.

In Q4 2024, the index reached 142.4 points (base year 2021=100), reflecting a 2.2% rise compared to the same quarter in 2023.

By economic activity, notable increases were recorded in:

• Water transport (+38.6%)
• Air transport (+22.5%)
• Postal and courier services (+10.8%)
• Land transport (+7.1%)
• Storage and transport support activities (+0.4%)