Cyprus Reports 2.5% Economic Growth in Q3 2023

The Cypriot economy demonstrated a growth rate of 2.5% in the third quarter of 2023 compared to the same period in the previous year. This figure reflects an increase over the 2.2% growth reported in the second quarter of 2023. The Cyprus Statistical Service (Cystat) released this information, noting that while this growth was slightly lower than the 3% recorded in the first quarter of 2023, it still signifies a positive economic trend.

Preliminary estimates, adjusted for seasonal variations and working days, indicate a growth rate of 2.2% in the third quarter of 2023, maintaining the same percentage as the previous quarter. The annual growth rate stood at 3.2% in the first quarter of the year. The positive GDP growth is attributed to various sectors, including hotels and restaurants, transportation and storage, wholesale and retail trade, vehicle repair, information and communication, construction, arts and entertainment, recreation, and other service-related activities.

In comparison to the second quarter of 2023, the Cypriot economy's growth at the end of the third quarter was 1.1%, after adjusting for seasonal variations and working days in the GDP calculation.

The reported economic growth highlights the resilience and positive trajectory of Cyprus's economy, with multiple sectors contributing to its expansion during the specified period.

By fLEXI tEAM