articles | 14 February 2024

Cyprus economy grows by 2.1 per cent in fourth quarter of 2023

The Cypriot economy grew by 2.1 per cent in the fourth quarter of 2023, compared to a growth rate of 2.3 per cent recorded in the corresponding quarter of 2022, according to a report released this week by the Cyprus Statistical Service (Cystat). The report also noted that the growth rate in the third quarter of 2023 reached 2.6 per cent, up from 2.2 per cent in the second quarter to 2.2 per cent, but lower than the 3 per cent observed during the first quarter of the same year.

Moreover, the statistical service, which utilised preliminary data, reported that after adjusting the GDP for seasonal variations and working days, the growth rate is calculated to have reached 2.3 per cent during the fourth quarter of 2023, down from 3 per cent in the same quarter of 2022.

On a quarterly basis, the Cyprus economy grew by 0.8 per cent in the fourth quarter of 2023, up from 0.7 per cent in the fourth quarter of 2022.

Finally, according to the statistical service, the positive GDP growth rate is primarily attributed to the sectors of hotels and restaurants, transportation and storage, wholesale and retail trade, repair of motor vehicles, information and communication, construction, arts, entertainment and recreation, as well as other service activities.

Source: Cyprus Mail

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