Good news for Cyprus! The country's economy had a solid growth spurt, reaching 2.5% in the third quarter of 2023. That's better than the same time last year. Although it's a bit less than the impressive 3% growth in the first quarter, it's an improvement from the 2.2% in the second quarter.
The Cyprus Statistical Service estimates, after considering things like seasons and working days, that the growth rate is holding steady at 2.2% this quarter, matching the last one.
Why is the economy doing well? Well, it's thanks to some key areas like "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." If we compare to the last quarter, the economy grew by a respectable 1.1% after we consider the usual ups and downs.
[Information sourced from CNA and Statistical Service of Cyrpus]