Description The Services Turnover Index reflects the monthly changes of turnover in the sectors of accommodation and food service activities, information and communication, real estate activities, professional, scientific and technical activities and administrative and support service activities.
The index is also compiled by division of Services:
Accommodation, food and beverage service activities, publishing activities, motion picture, video and television programme production, sound recording and music publishing, programming and broadcasting activities, telecommunications, computer programming, consultancy and related activities, information service activities, real estate activities, legal and accounting activities, activities of head offices; management consultancy activities, architectural and engineering activities; technical testing and analysis, advertising and market research, other professional, scientific and technical activities, rental and leasing activities, employment activities, travel agency, tour operator reservation service and related activities, security and investigation activities, services to buildings and landscape activities, office administrative, office support and other business support activities.
Method The Index is using 2021 as the base year, meaning that it shows the quarterly changes in turnover in relation to the quarterly turnover average of the year 2021. In the base year, the average of the Turnover Index for the four quarters is 100,0. For example, a quarterly Turnover Index of 105,3 means that the turnover for the specific quarter has increased by 5,3% in relation to the average quarterly turnover of 2021. The Index is calculated at current prices.
The Turnover Index is produced for the various divisions of the Statistical Classification of Economic Activities (NACE Rev. 2) that constitute the services sector. The aggregated sector indices are a weighted average of the indices of the various divisions, as defined in NACE Rev. 2. The weights used are derived from the results of the annual Services Survey in the base year (2021) and reflect the share of turnover of each division in relation to the total turnover of the activities of each sector.
The compilation of the Index follows the provisions of Regulation (EU) 2019/2152 on European business statistics. The Index is transmitted to the Statistical Office of the European Union (Eurostat). In addition to gross data, both seasonally and calendar adjusted data are transmitted. The Indices are published at national level only in their gross form.
Data Coverage The Index covers the sections H, I, J, L, M and N of the statistical classification of economic activities NACE Rev. 2 of the European Union. The index does not include the veterinary activities, which is code 75 of section M.
In all the above sectors, a sample is taken from businesses, as well as data from administrative sources.
Frequency The index is compiled on a monthly basis. The collection of data is conducted by the Statistical Service by telephone enquiries or e-mail.
Data Availability The first reference month of the Index is January 2021.
At a national level the Index is published every quarter in its gross form accompanied by a Press Release and in the Online Database CYSTAT-DB of the Statistical Service of Cyprus. In addition to gross data, both seasonally and working day adjusted data are transmitted every month to the Statistical Office of the European Union (Eurostat).
Comparability Over Time The data are comparable over time.
Principal Variables Turnover.
Classification Systems Economic activity: Statistical classification of economic activities within the European Communities (NACE Rev. 2) - Results disseminated at division (2-digit) and sector level mentioned above.
Legal Framework The compilation of the Services and Transport Turnover Index follows the provisions of Regulation (EU) 2019/2152 on European business statistics.