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GDP growth at 2.1%, according to CyStat

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GDP growth at 2.1%, according to CyStat

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    GDP growth in Cyprus was recorded at 2.1% in the fourth quarter of 2023, compared to 2.3% in the same quarter of 2022, a Cyprus Statistical Service ( CyStat) flash estimate released on Wednesday shows.

    Growth in the third quarter of 2023 was 2.6%, while in the second quarter it was 2.2% and in the first quarter 3%.

    In real terms, GDP growth rate in real terms during the fourth quarter of 2023 is positive and it is estimated at 2.1% over the corresponding quarter of 2022, CyStat said.

    It added that based on seasonal and working day adjusted data, the GDP growth rate in real terms is estimated at 2.3%.

    The positive GDP growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Transport and Storage”, “Wholesale and Retail Trade, Repair of Motor Vehicles”, “Information and Communication”, “Construction”, “Arts, Entertainment and Recreation” and “Other Service Activities”.

    (Photo by George Christophorou)

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