OEB ANNUAL GENERAL MEETING – 7 May 2025
The Services Sector in 2024
On the occasion of the Annual General Assembly of the Federation of Employers and Industrialists (OEB) which will take place on Wednesday, May 7, 2025 and which will be addressed by H.E. the President of the Republic, Mr. Nikos Christodoulides, the OEB issues the following communiqué.
The Services Sector in Cyprus showed significant growth in 2024, contributing decisively to the country’s economic progress. The most significant improvements were recorded in Administrative and Support Activities with an increase of 8.9%, in Accommodation and Catering Services with an increase of 8.2%, in Information and Communication with an improvement of 8.0%, in Real Estate Management an increase of 6.5% and in Professional, Scientific and Technical Activities an increase of 2.5%.
The Tourism Sector showed significant growth in 2024. Specifically, tourist arrivals for the year amounted to 4,040,200, recording an increase of 5.1% compared to 3,845,652 arrivals in 2023. The main countries of origin of tourists on the island in 2024 were:
- United Kingdom: 1,600,000 arrivals (35.6% of the total), an increase of 18% compared to 1,355,000 arrivals in 2023.
- Israel: 500,000 arrivals (11.1% of the total), an increase of 16.3% compared to 430,000 arrivals in 2023.
- Poland: 350,000 arrivals (7.8% of the total), an increase of 23.5% compared to 283,000 arrivals in 2023.
- Germany: 300,000 arrivals (6.7% of the total), an increase of 20.0% compared to 250,000 arrivals in 2023.
It is worth noting that revenues from Tourism in 2024 amounted to €3,500 million, recording an increase of 17.0% compared to €2,990.6 million in 2023. The continuous increase in arrivals and revenues from Tourism reflects the strengthening of Cyprus’ position as an attractive tourist destination.
In 2024, the Health Sector in Cyprus recorded significant growth with the GHS offering expanded services. OEB submitted proposals to the Ministry of Health that mainly concerned the sustainability of the system, the control of abuses and the assurance of the quality of health services. At the same time, OEB dealt with the budgetary part of health expenditures, the optimal use of resources and the treatment of the serious shortage of nursing staff.
Through its actions and proposals, OEB continued to support the full administrative and financial autonomy of the HIO, the maintenance of the HIO’s overall budget and the stability of contributions, while continuing to formulate policies that ensure a resilient, sustainable and quality health system for the benefit of citizens and businesses.
It is also worth noting that in 2024, the dominant representativeness of OEB in the Health sector was further strengthened with the inclusion of new Associations of the wider sector, such as the following:
- Cyprus Association of Medical Imaging Centres (SAKIK)
- Association of Dialysis Units (SMA)
- Pancyprian Association of Cooperative Drug Warehouses (PA.SY.S.A.F.)
- First Aid Providers Association.
As far as the Digital Transformation of Cypriot businesses is concerned, OEB continues to stand by with various actions and initiatives. One of them is its active participation in the DiGiNN Cyprus Digital Innovation Hub, an innovative, co-funded project that aims to digitally upgrade and enhance innovation in businesses. Through training, support and digital skills development actions, the project helps businesses adopt modern technologies and accelerate the digital transition. OEB’s contribution to the project focuses on promoting cooperation between businesses and institutions and providing guidance on the exploitation of digital opportunities in the business world of Cyprus.
2024 has been a year of significant growth for Cypriot shipping, with impressive performances and strategic initiatives that have strengthened Cyprus’ position on the global shipping map. Shipping contributed 7% to Cyprus’ GDP in 2024, with the Deputy Ministry of Shipping’s revenues showing a 10% increase compared to the budget. The growth of the maritime ecosystem has also led to the flourishing of related services, such as fuel provision, technology, software, legal and accounting services.
From September 2023 to January 2025, the Cypriot register recorded an increase of 18%, with the registration of 198 new ships with a total tonnage of approximately 5 million tons. This development brought the total number of ships under the Cypriot flag to 1,699, with a total tonnage of 22.8 million tons, making Cyprus 11th in the world and 3rd in the European Union.
Realizing the significant contribution of the Services Sector to the Cypriot economy, the Federation of Employers and Industrialists (OEB) has proceeded with a series of initiatives in 2024:
- It has held Conferences, Workshops and Exhibitions with the aim of supporting companies operating in various sectors of the Services Sector.
- It collaborated with Ministries and competent bodies for the presentation of Sponsorship Plans to businesses.
- It has supported important initiatives in the field of Informatics, such as the 3rd CITEA Digital Cyprus Conference and CITEA’s participation in the GITEX International Informatics Exhibition in Dubai.
- It awarded companies in the Services Sector in the framework of the Cyprus Innovation Award Competition of OEB.
- It actively participates in the Tourism Promotion Body, contributing to the promotion of the tourism product of Cyprus.
- In addition to the new Associations of the Health Sector, OEB has also included in its membership the following professional and business Associations of the wider Services sector:
- Pancyprian Association of Professional Insurance Intermediaries
- Association of Theatre Creators’ Collective
- Association of Vehicle Technical Inspection Professionals (SETEO)
- Association of Public Passenger Transport Organizations (SODEM)
- Cyprus Association of Cleaning Crews (SESYK)
During the Annual General Assembly of OEB, which will be held on Wednesday, May 7, 2025 at the Hilton Nicosia Hotel, the course of the Services Sector will be discussed, among other things. The President of the Republic of Cyprus, Mr. Nikos Christodoulides, has been invited to attend and speak at the Assembly.
