3rd Consecutive increase in Ship-management companies contribution to Cyprus’ GDP

October 8, 2022

The Cyprus Shipping Chamber welcomes the positive results of the newest “Ship Management Report”, published by the Statistics Department of the Central Bank of Cyprus, for the first half of 2022, which covers the period 1 January – 30 June 2022. The results indicate that industry revenues from Ship-management companies further increased during the first half of 2022, reaching €574 million, recording an increase of €58 million when compared with the second half of 2022, a percentage of 4.6% of Cyprus’s GDP.

We are pleased to note the third consecutive increase in the revenue from ship-management after the slight decline during the pandemic period, thus maintaining its stable contribution to the GDP of Cyprus. These significant results prove once again the steady contribution of Cyprus Shipping, as it remains one of the most important “blood donors” of the Cyprus Economy even during crises with tangible prospects for further development.