GDP at €6.2b in Q1; retail and tourism up

07:53 - 02 June 2023

Economy

Cyprus’ Gross Domestic Product (GDP) reached €6.2 billion in the first quarter of the year, showing an increase of 3.4% on an annual basis.

According to CySTAT, based on seasonally and working day adjusted data, the GDP growth rate in real terms is estimated at 3.4%.

The most significant increase (7.2% y-o-y) was recorded in economic activity, wholesale and retail trade, repair of motor vehicles and motorcycles, transport and storage and activities of accommodation and catering services. Economic activity income reached €1.19b and accounted for 19.2% of generated gross income in the first quarter.

Meanwhile, information and communication activity also showed an increase of 5.8% over the first quarter of last year, with the generated income amounting to €0.57b, while an increase of 5.7% was recorded in financial and insurance activities, with a generated income of €0.47b.

Real estate management activity recorded an increase of 0.7%, generating income of €0.49b.

A negative growth rate compared to the last quarter was recorded in the activities concerning

The categories of mines, processing, supply of electricity, natural gas, steam and air conditioning, water supply, wastewater treatment, waste management and sanitation activities recorded negative growth with -0.1%, real estate management with -0.2% and public administration and defence, compulsory social security, education and activities related to human health and social care with 0.4%.

GDP at €6.2b in Q1; retail and tourism up

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