The Cypriot economy is projected to have grown by 3.4 per cent during 2024, in real terms, according to the state statistical service.

At current prices, the Gross Domestic Product (GDP) is expected to rise by 6.6 per cent.

The positive growth is primarily driven by a number of sectors. These include hotels and restaurants, information and communication, construction, and wholesale and retail trade, repair of motor vehicles and motorcycles.

For the fourth quarter of 2024, the growth rate is forecasted at 2.6 per cent, compared to the same period in 2023.

After adjusting for seasonal variations and working days, the growth rate is estimated at 2.9 per cent, according to the statistical service.

The positive growth in the fourth quarter is mainly attributed to the sectors of hotels and restaurants, wholesale and retail trade, repair of motor vehicles, and information and communications.

On the other hand, the construction sector recorded a negative growth rate.