The wider Services sector in Cyprus exhibited further growth in 2023, as reported by the Cyprus Employers & Industrialists Federation (OEB). Notably, the most significant improvements were recorded in the indices of accommodation and food services (18.9%), administrative and support activities (15.5%), professional, scientific, and technical activities (2.7%), and information and communication (2.0%).

The tourism sector showed improvement in 2023 compared to 2022 and 2021. Tourist arrivals in Cyprus reached 3,845,652 in 2023, approaching pre-pandemic levels (3,976,777 in 2019). In the same period in 2022, arrivals were 3,201,080, while in 2021, they were just 631,609.

According to the Statistical Service's traveler survey, in 2023, tourists from the United Kingdom numbered 1,302,125, up from 1,212,603 in 2022 and 390,638 in 2021, marking a 7.38% increase. The UK was followed by Israel with 410,607 arrivals (48% increase), Poland with 273,872 (46.62% increase), and Germany with 211,216 (6.45% increase).

The shipping sector continued its vital role in transporting 98% of all raw materials and essential goods to our country in 2023. Despite challenges, it remained one of the most dynamic business sectors in Cyprus, contributing about 7% of the GDP.

These topics will be discussed at the OEB's Annual General Meeting, scheduled for Tuesday, April 23, 2024, at the Nicosia Hilton Hotel. Cyprus President Nikos Christodoulides is invited to attend and speak.

In the review year, OEB conducted various actions, such as a survey identifying and highlighting the digital skills of employees amidst business digital transformation.

It also awarded Innovation Prizes to two Service Sector businesses as part of the Cyprus Innovation Awards competition.

Furthermore, OEB participated in informative presentations and panel discussions to promote Digital Skills and Artificial Intelligence adoption. It organized Grant Scheme presentations in cooperation with the relevant Ministries.

In collaboration with the Cyprus Computer Society (CITEA), OEB organized a Business Mission of Cypriot IT companies to Greece to foster meetings and synergies between Cypriot and Greek IT businesses.

Additionally, OEB hosted an Informative Seminar on the advantages of including arbitration and mediation clauses in contracts and represented at the newly established Tourism Promotion Agency.

OEB supported Cypriot service sector companies in participating in trade fairs in Cyprus and abroad to promote service exports. It also supported the "CITEA Digital Cyprus Conference" organized by CITEA.

It's noted that OEB is a partner in the European Digital Innovation Hub (DiGiNN), contributing to the digital transformation of SMEs and the public sector.