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Ship Management Generates 5.1% of Cyprus GDP in H1
November 7, 2018
The Cyprus ship management industry in the first half of 2018 generated revenue of EUR506m ($571m), or 5.1% of the island nation's GDP, the highest level in five years. The result consolidated Cyprus ship management as the world¹s third largest hub while the maritime cluster contributes around 7% to the island¹s GDP.
Income was up EUR30m in the January / June period compared to the same 2017 period as global shipping and freight markets continue to recover from the downturn since the global financial crisis, Seatrade Maritime reports.
A Central Bank of Cyprus (CBC) ship management survey, in absolute terms, revealed revenue for the six-month period of January June 2018 saw an increase of 6.3% compared with first half of 2017, and 7.3% on an annual basis.