Cyprus: Most services apart from shipping take a hit in Q1

The services sector took a hit in the first quarter of 2013, according to the latest figures on turnover.

Turnover for the accommodation and food service activities sector fell by 9.4% compared with the same period of 2013, while information and communication declined by 4.7%. Professional, scientific and technical activities tumbled by 8.9%, while administrative and support service activities fell by 4.8%. In the transport and communication sector, turnover fell by 5.6% compared with the corresponding period of 2012. Land transport dropped by 5.4% but air transport recorded a modest rise of 0.6%. Postal and courier activities fell by 10.1%. The one bright spot was water transport (mainly shipping), which rose by 52.7% in the first quarter of 2013 compared with the same period of 2012.

Source: Financial Mirror