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25 July, 2024
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Cyprus economic growth soars 2.5% for 2023

Statistical Service reports robust growth across key sectors and strong Q4 performance

Source: CNA

Cyprus' economic growth is estimated at 2.5% in real terms in 2023. At current prices, the Gross Domestic Product (GDP) is estimated to increase by 7.1%, according to the Statistical Service of Cyprus.

The analysis of GDP using the production approach highlights key sectors contributing to this growth. These include "Hotels and Restaurants", "Construction", "Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles", "Administrative and Support Service Activities", "Information and Communication", and "Transportation and Storage."

Furthermore, the positive growth trend extends into the fourth quarter of 2023, where the GDP growth rate remains strong at 2.1% in real terms compared to the corresponding period in 2022. Adjusting for seasonality and working day variations, the GDP growth rate stands at 2.2%.

Similar to the annual figures, the sectors driving growth during the fourth quarter include "Hotels and Restaurants", "Transport and Storage", "Construction", "Information and Communication", "Wholesale and Retail Trade, Repair of Motor Vehicles", "Arts, Entertainment and Recreation", and "Repair of Household Goods and Other Services".

Cyprus  |  economy

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