ICT bolsters the Cypriot economy
Almost all of the productivity growth in Cyprus’ economy over the past three years can be attributed to the information and communication technology (ICT) sector, according to the third Competitiveness Report of the Cypriot Economy released by the Cyprus Economy and Competitiveness Council (CEC).
Professor Sofronis Clerides from the University of Cyprus, representing the research team, highlighted the study’s focus on productivity: “The ICT sector has emerged as a vital component of the Cypriot economy in the last three years,” Clerides said, “thanks to various circumstances such as the closure of the investment program, the pandemic, the war in Ukraine, and government incentives.”
The report connects current findings with sustainable development goals for the first time. It also notes improvements in economic activity and the innovation system, with new companies and professionals relocating to Cyprus and providing various services.
Key challenges identified for Cyprus include the administration of justice, digital and environmental transitions, and the alignment of education with the labor market.
