KPMG presents ‘Tech in Cyprus Today: Key Data & Economic Insights’ at TechIsland Summit

A keynote presentation by Christophoros Anayiotos, Partner, KPMG at the TechIsland Summit in Limassol presented the latest findings from KPMG’s 2024 economic impact assessment of the tech sector in Cyprus.

With updated data showcasing the sector’s contribution to GDP, employment, and investment, the session provided a comprehensive snapshot of tech’s growing role in the national economy.

Among other key findings, Anayiotos’ presentation made it clear that was once a very small sector of the Cypriot economy—where tech and innovation indicators lagged behind European counterparts—now represents 16% of the country’s Gross Value Added (GVA), according to KPMG’s estimations.

It should also be noted that the 16% figure did not take into account the other contributions of talented and affluent individuals working for those companies to the economy of Cyprus.

According to the new data by KPMG, the total economic impact of the tech sector in Cyprus has reached an impressive €8.5 billion. This includes a direct and indirect contribution of €4.7 billion, which, as previously mentioned, now represents 16% of the country’s Gross Value Added (GVA), and a further €3.7 billion in indirect impact.

Making his presentation, Anayiotos noted that the study had taken into account the economic impact of the ICT sector, professional, scientific and technical activities sector, and the financial and insurance activities sector.

Direct impact of 3.4 billion euro from the ICT sector on the Cyprus economy was found, along with 2.9 billion indirect impact reaching a total of 6.3 billion euro.

Anayiotos also showcased figures on the high levels of employability involving the ICT sector, noting that the percentage of Cypriots employed in the sector grew by 12.1% over eight years by 2024. He also pointed out the sector’s resilience.

The full presentation can be viewed here.