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.
News Feed
13 hours, 3 minutes ago Current Affairs
Former Deputy Minister appointed to EIT Governing Board16 hours, 36 minutes ago Companies
CPI Holdings Plc announces definitive agreement for the acquisition of SCSS Fund Management Ltd16 hours, 56 minutes ago Economy
33East’s Demetrios Zoppos: We expect to start Cyprus Equity Fund operations in the Autumn17 hours, 14 minutes ago Current Affairs
President discussing "three to four Commissioner portfolios" with von der Leyen18 hours, 13 minutes ago Financial Services
Total deposits show decrease, loans up in June18 hours, 17 minutes ago Economy
Electricity market to open in July 2025, Energy Minister reveals18 hours, 39 minutes ago Companies
The deadline is almost here: Submit your nominations now for the CBN Young Dragon Awards!