Cyprus has recorded one of the highest productivity growth rates in the services sector for June 2024 compared to the same period in 2023, according to data released by Eurostat on Friday.
Specifically, services sector productivity in Cyprus increased by 5.5 per cent on an annual basis.
However, on a monthly basis, the growth rate was somewhat more modest, rising by just 0.5 per cent from May’s 3.5 per cent, placing Cyprus among the lower performers in Europe for the month.
Across the eurozone, productivity grew by an average of 1.2 per cent year-on-year, while in the wider European Union (EU), the average increase was 1 per cent.
In contrast, monthly data showed a dip in services productivity, with the eurozone recording a 0.8 per cent in June decline and the EU seeing a slightly larger fall of 0.9 per cent.
Malta led the way with a substantial 20.5 per cent increase in productivity, followed by Lithuania, 8.6 per cent, Luxembourg, 6.5 per cent, and Cyprus 5.5 per cent.
Conversely, Greece saw the largest decline in services productivity, dropping by 6.7 per cent, closely followed by Romania at 6.6 per cent and Denmark at 4.9 per cent.
The eurozone saw the most significant year-on-year rise in productivity in the information and communication sector, which grew by 3.6 per cent.
In contrast, the accommodation and food services sector experienced a 1 per cent decline.
Similarly, within the EU, the information and communication sector have the highest annual increase at 3.8 per cent, while the accommodation and food sector reported a 0.9 per cent decrease.
