Cyprus is also an exporter of services. The services sector dominates economic activity in Cyprus as indicated by its 84.5% contribution to GVA (Gross Value Added). Over the last years, Cyprus has been established as an International business Centre, undertaking a major role in facilitating the provision of services and support to business people and professionals worldwide.
Services include banking and financial services, insurance, advertising, legal, architecture and civil engineering, accounting and auditing, consultancy, design, electrical and mechanical engineering, market research, medical, printing and publishing, public relations, education, software development, tourism and related services.
In 2012, the total exports of services reached the amount of €6.2bn. The main sectors of services exported were travel, transportation and financial sectors. Russia absorbed 25% of the total export of services, followed by the UK with 19%, Germany with 11.4% and Greece with 5.1%.