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Cyprus GDP rises to highest rate since Q4 2022

The Cyprus economy experienced its highest growth rate in the last five quarters in the first quarter of 2024, with Gross Domestic Product (GDP) increasing by 3.5% compared to the same quarter in 2023, according to flash estimates from CySTAT.

The 3.5% increase in GDP in the first quarter of 2024 is the highest since the fourth quarter of 2022, on an annual basis. After adjusting GDP for seasonal fluctuations and working day, the growth rate is calculated at 3.3%. This marks the highest growth rate since the first quarter of 2023, on an annual basis.

Compared to the previous quarter (Q4 2023), GDP increased at a rate of 1.2% during the first quarter of 2024. This marks the 13th consecutive quarter (since Q1 2021) of positive growth for the Cypriot economy on an annual basis.

The growth rate witnessed in the economy during the first quarter of 2024 surpasses recent (April) estimates by the International Monetary Fund (IMF) for Cyprus's annual growth trajectory (World Economic Outlook). The IMF anticipates a growth rate of 2.7% for 2024 and 2.9% for 2025.

According to CySTAT, the positive GDP growth is primarily attributed to sectors such as "Hotels and Restaurants," "Wholesale and Retail Trade, Repair of Motor Vehicles," "Information and Communication," "Construction," "Arts, Entertainment, and Recreation," and "Other Service Activities."

(Source: CNA)

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