Cyprus registers fastest GDP growth rates in the EU, Commerce Minister says

07:23 - 19 November 2024

Papanastasiou Larnaca Chamber of Commerce

Economy Reporter

The Cypriot economy through hard work and the initiatives of the business world maintains the fastest growth rates in the EU, Minister of Energy, Commerce Industry and Tourism George Papanastasiou has said.

His comments on 18 November followed recent data published by Eurostat, under which Cyprus ranked first in terms of GDP growth in the third quarter of 2024 with 3.8% year on year

Addressing the Annual General Meeting of he Larnaca Chamber of Commerce and Industry, Papanastasiou also hailed this this year’s positive export course, stating that official data showed that exports for the period of January – July 2024 rose by 4% year on year, reaching €1.22 million.

“The aim of the Minister is to provide more impetus for even more success,” Papanastasiou said, adding that the Ministry has begun a study on a Strategy ad Action plan for the effective promotion of export of services in selected fields.

He also recalled that Ministry is working on creating a “Made in Cyprus” brand aiming to boost their visibility and presence in foreign markets.

The Minister furthermore said the brand will initially cover industrial, agricultural and manufactured agricultural products and local handicrafts, whereas the brand will expand to cover the services sector in the future.

(Source: CNA)

Cyprus registers fastest GDP growth rates in the EU, Commerce Minister says

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