Blog
Technology Sector Contributes €3 Billion To The Economy In 2022
December 29, 2022
It is estimated that the contribution of the telecommunications and technology (ICT) sector will approach €3 billion in 2022, strengthening the diversification and resilience of the Cypriot economy.
At the same time, based on the latest data for 2022, more than 1,200 foreign companies were served through the Ministry of Commerce’s Business Facilitation Unit of the, while a total of 9,800 jobs were distributed to specialized personnel, something that strengthened both investments and domestic consumption and consequently the Cypriot GDP.
The rapid development of the technology sector and its contribution to the Cypriot economy was also recognized by the European Commission, which upgraded by 2.4% the forecast for the rate of growth in Cyprus this year (5.6%). "This is due to the better-than-expected performance of tourism and the impact from the growing technology sector," the Commission said in the most recent post-memorandum audit report.