Cyprus’ economy grew, albeit at a slower pace, during the fourth quarter of 2024, with GDP increasing by 2.6 per cent compared to the same quarter of the previous year.

According to a report released on Friday by the state’s statistical service, this growth was driven largely by the hospitality, wholesale and retail, motor vehicle repair, and information and communication sectors.

However, a decline in construction slightly reduced the overall growth rate, which, when adjusted for seasonal variations and working days, was slightly higher at 2.9 per cent.

Throughout 2024, the economy showed consistent improvement, with a 3.6 per cent growth in both the first and second quarters, as well as a peak of 3.9 per cent rise in the third quarter.

The report also showed that quarterly growth rates were also positive, with a notable 1.7 per cent increase in the first quarter, followed by a stable second quarter, and a slight 0.3 per cent rise in the fourth quarter.

Meanwhile, in comparison, economic growth in 2023 was more subdued. Cyprus’ GDP increased by 2.5 per cent in the fourth quarter during that year.

Additionally, the year showed moderate rises, showed by 1 per cent quarter-on-quarter and 2.7 per cent year-on-year growth during the third quarter.