The management consultancy activities sector in Cyprus has shown a robust growth trajectory over the past decade, with the production value increasing from 310.2 million Euros in 2013 to 569.8 million Euros in 2023. The growth has been supported by a healthy CAGR, peaking at 9.12% in 2015, followed by relatively more stable growth rates over the subsequent years. The year-on-year growth rates ranged from a high of 12.93% in 2015 to a slight dip of -0.06% in 2020, highlighting resilience even during challenging times.
Looking at the recent trends, the sector witnessed a moderate year-on-year growth of 3.94% from 2022 to 2023. This indicates a stable yet steady growth pattern in the near future, with forecasted projections for 2024 standing at 591.2 million Euros. The sector is expected to grow at a forecasted 5-year CAGR of 2.71% up to 2028.
Future trends to watch for include digital transformation's impact on consultancy services, increasing demand for specialized advisory in sustainable practices and ESG (environmental, social, and governance), and the evolving geopolitical landscape affecting regulatory and compliance consultancy demands. Keeping an eye on these trends will be crucial for stakeholders looking to capitalize on the upcoming growth opportunities in the sector.
