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GDP rose at the fastest pace since Q4 2022 in Q1

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GDP growth of 3.5% is the highest since Q4 2022, on an annual basis

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<p>The Cypriot economy showed the highest growth rate in the last five quarters in the first quarter of 2024 with the Gross Domestic Product (GDP) growing at a rate of 3.5%, compared to the corresponding quarter of 2023, according to a preliminary estimate of the Statistical Service.</p>
<p>The 3.5% growth recorded by GDP in the first quarter of 2024 is the highest since the 4th quarter of 2022, on an annual basis.< /p></p>
<p>After adjusting GDP for seasonal variations and working days, the growth rate is estimated at 3.3%. This is the highest growth rate since Q1 2023, on an annual basis.</p>
<p>Compared to the previous quarter (Q4 2023), GDP grew at a rate of 1.2%.</p >
<p>The first quarter of 2024 is the 13th quarter in a row (since the 1st quarter of 2021), that the Cypriot economy has recorded positive growth rates, on an annual basis.</p>
<p>The growth rate of the economy in the first quarter of 2024 is higher than the recent (by April) estimates of the International Monetary Fund (IMF) for the growth of the Cypriot economy for the whole year (World Economic Outlook. The IMF expects that the growth rate for in 2024 it will rise to 2.7% and for 2025 to 2.9%.</p>
<p>The positive GDP growth rate is due, according to the Statistical Service, mainly to the sectors “Hotels and Restaurants”, “Wholesale and Retail, Motor Vehicle Repair', 'Information and Communications', 'Construction', 'Arts, Entertainment and Entertainment' and 'Other Service Activities'.</p>
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Source: www.kathimerini.com.cy

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