Cyprus economy grows by 2.5 per cent year-on-year in third quarter

The Cypriot economy witnessed a growth rate of 2.5 per cent during the third quarter of 2023, compared to the same period in 2022, reflecting a higher annual increase than the 2.2 per cent reported in the second quarter of the current year.

However, the Cyprus Statistical Service (Cystat), which released this information on Tuesday, noted that this growth was slightly lower than the one recorded during the first quarter of 2023, when the economy grew by 3 per cent year-on-year.

According to preliminary estimates, after adjusting Gross Domestic Product (GDP) for seasonal variations and working days, the growth rate was calculated to stand at 2.2 per cent in the third quarter of 2023, maintaining the same growth percentage as the previous quarter. The annual growth stood at 3.2 per cent in the first quarter.

Moreover, the statistical service explained that this positive GDP growth rate is primarily attributed to a variety of sectors, including hotels and restaurants, transportation and storage, wholesale and retail trade, the repair of motor vehicles, information and communication, construction, arts, entertainment, and recreation, as well as other service-related activities.

Finally, when compared to the second quarter of 2023, the growth of the Cypriot economy at the end of the third quarter stood at 1.1 per cent, adjusted for seasonal variations and working days in the GDP calculation.