Cyprus first quarter GDP grows to €6.2 billion

Cyprus’ Gross Domestic Product (GDP) for the first quarter of the year amounted to €6.2 billion, marking a 3.4 per cent increase on an annual basis when measured in volume and adjusted for seasonal fluctuations.

When compared to the fourth quarter of 2022, the growth rate, using seasonally adjusted data, amounted to 0.8 per cent.

According to a report released on Thursday by the Cyprus Statistical Service, the highest increase was recorded in the economic activities of wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage, and accommodation and food service activities, which saw a 7.2 per cent increase on an annual basis.

The income in this specific activity amounted to €1.19 billion, accounting for 19.2 per cent of the generated gross income in the first quarter.

Moreover, significant percentage increases were also observed in the information and communication activity, with a 5.8 per cent increase on an annual basis and income amounting to €0.57 billion.

Furthermore, financial and insurance activities saw a 5.7 per cent increase in the first quarter, with income amounting to €0.47 billion.

The real estate management sector, meanwhile, recorded a 0.7 per cent increase, with income amounting to €0.49 billion.

At the same time, negative growth rates, compared to the previous quarter, were observed in the activities of mining and quarrying; processing; supply of electricity, natural gas, steam, and air conditioning; water supply; sewerage, waste management, and remediation activities, which contracted by 0.1 per cent.

Finally, property management declined by 0.2 per cent, while public administration and defence, social security, education, as well as health and social work activities contracted by 0.4 per cent.