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GDP grew 2.1% in fourth quarter of 2023

08:48 - 15 February 2024

Economy

Cyprus’ Gross Domestic Product (GDP) grew by at 2.1% in the fourth quarter of 2023, compared to 2.3% in the same quarter of 2022, according to a flash estimate by Cystat.

GDP growth in the third quarter of 2023 was 2.6%, while in the second quarter it was 2.2% and in the first quarter 3%.

The GDP growth rate in real terms during the fourth quarter of 2023 is positive and it is estimated at 2.1% over the corresponding quarter of 2022. Based on seasonally and working day adjusted data, the GDP growth rate in real terms is estimated at 2.3%.

The positive GDP growth rate is mainly attributed 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".

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