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financial, property and business services sector 9 was the economy's star performer
with 1 % of labour producing over 20% of GDP.
Figure 2.2 Composition ofGDP by main sector in 1960 (current prices).
Mining and quanying - Manufacturing
- -
5%
12%
Agriculture
16%
Construction
5%
Tourism
2%
Govt., utilities,
community, social &
personal services &
import duties
21%
Transport, storage
and conxn's
8%
Repablù of Cyprus .1994. HutoocalDataon the BcoftomyofCypta»1960-19?l\p.41.
Trade
Financial, property &
business services
21%
So while the service sector as a whole looked the most productive part of the
economy in 1960, this was true for only a very small part of it. The largest single
service sector employer was government, employing approximately a third of
tertiary sector workers 10 , but producing less than 20% of the sector's income. The
9 Figures 2.1 and 2.2 both use the 1968 ISIC categories. For reasons of brevity, "Finance,
insurance, real estate and business services" have been called "Financial, property and business
services", "Agriculture, hunting, forestry and fishing", has been labelled merely agriculture,
particularly as it is only really the latter that matters much in Cyprus in terms of employment and
income generation. Similarly, "Restaurants and hotels" are labelled "Tourism", "Wholesale and
retail trade", has been called simply "Trade". The category "Electricity, gas and water" is referred
in the charts as "Utilities" and being small employers and contributors to national income in 1960
and part of the public sector, are merged with the Government's share of employment and income.
Govt also includes "Community, social and personal services" as well as utilities for similar reasons.
In Figure 2.2, the Govt sector also includes import duties and all sectors include inputed (sic) bank
service charges. For clarity, Figure 2.2 excludes unspecified "Other producers", who generated
0.21% ofGDP.
10 Until 1976 Republic of Cyprus, official statistics employment category "Community, social and
personal services" included "Producers of government services", however, in that year
"Community, social and personal services" represented just over 20% of "Producers of government
services". On the basis of future trends "Community, social and personal services" would have been
even smaller in 1960 and "Producers of government services" would have been larger. Therefore, if
the categories together represent nearly half of all service sector workers in 1960, "Producers of
government services" must account for over a third of them.
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