He notes in his tweet that, above all, timely planning is needed to effectively deal with challenges
In a post on Twitter, Averof Neophytou proceeded, regarding the rate of growth of the Cypriot economy for the first quarter of 2023, on the occasion of the preliminary estimate of the Statistical Service for GDP growth at a rate of 3.4% in the first quarter of the year.
As Mr. Neofytou mentions in his “tweet”, “the growth rate in the first quarter shows a significant slowdown of the economy by almost 50%, compared to 2022”.
He expresses the position that, “delicate and serious manipulations are required, and, above all, timely planning to effectively deal with external and internal challenges”.
The growth rate in the first quarter shows a significant slowdown of the economy by almost 50%, compared to 2022. Subtle and serious manipulations are required, and above all, early planning for effective dealing with external and internal challenges.
— Averof Neofytou (@AverofCY) May 16, 2023
Earlier, the Ministry of Finance stated that the Cypriot economy is entering a period of increased uncertainty with a relatively high growth rate and its slowdown will not be as severe as in other EU countries.
Based on a preliminary estimate by Statistics Service, the growth rate in the first quarter was 3.4% on an annual basis with the rate remaining the same after adjusting for seasonal variations and working days.
According to the Statistics Office. , the positive GDP growth rate is mainly due to the sectors “Hotels and Restaurants”, “Transportation and Storage”, “Information and Communications”, “Wholesale and Retail Trade, Repair of Motor Vehicles”, “Arts, Entertainment and Recreation”, “Other Service Activities” and “Financial Activities”.
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