The announcement of the Ministry on the occasion of the preliminary estimate of the Statistical Service for GDP growth of 3.4% in the first quarter of the year
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, notes the Ministry of Finance 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.
“This rate is the 2nd highest among the Member States and is higher than the average of the Eurozone and the EU. which is calculated at 1.3% and 1.2% respectively”, says the Ministry of Finance in today's announcement.
According to the Ministry, these figures confirm that the Cypriot economy enters this period of heightened uncertainty, due to the ongoing war, with a relatively high growth rate with the key challenge remaining persistent, albeit declining, inflation.
“With a high rate of growth amid a highly uncertain external economic environment, it indicates that the slowdown for 2023 will not be as sharp as for other countries in the EU,” the Ministry of Finance emphasizes.
Concluding, “underlines that with prudent fiscal policy and economic management of the Government, in combination with the implementation of the National Recovery and Resilience Plan, they will contribute to the resilience of the Cypriot economy in order to face the challenges in the external environment”.