Economic growth increases to 2.5% in Q3
15:10 - 14 November 2023
The growth rate of the Cyprus economy reached 2.5% in the third quarter of 2023, up from 2.2% in Q2 but lower than the 3% recorded in the first quarter.
According to a preliminary estimate by CySTAT, after adjusting the Gross Domestic Product for seasonal variations and working days, the growth rate is estimated at 2.2% in the third quarter of 2023, maintaining the same growth rate as the previous quarter. In the first quarter, annual growth was at 3.2%.
The positive GDP growth rate is mainly due to the sectors "Hotels and Restaurants", "Transport and Storage", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Information and Communication", "Construction", "Arts, Entertainment and Recreation" and "Other Service Activities".
Compared to the second quarter of 2023, the growth of the Cypriot economy amounted to 1.1%, after adjusting GDP for seasonal variations and working days.