Cyprus' GDP soars: 3.4% growth in Q1 2023

Gross Domestic Product (GDP) in the first quarter of the year reached 6.2 billion euros, marking a 3.4% annual increase.

According to a press release by the Statistical Service of Cyprus on Thursday, the real GDP growth rate for the first quarter of 2023 is estimated to be positive at 3.4% compared to the same quarter in 2022. This estimate is based on seasonally and working day-adjusted data.

The most significant growth of 7.2% on an annual basis was observed in the economic sectors of wholesale and retail trade, repair of motor vehicles and motorcycles, transport and storage, and accommodation and catering services. The income generated from these economic activities amounted to 1.19 billion euros, accounting for 19.2% of the total generated gross income in the first quarter.

Furthermore, the information and communication sector saw a 5.8% annual increase in generated income, reaching 0.57 billion euros. The financial and insurance activities also experienced a growth rate of 5.7% in the first quarter, generating an income of 0.47 billion euros.

Real estate management activity witnessed a modest increase of 0.7%, generating an income of 0.49 billion euros.

On the other hand, a negative growth rate was observed in the activities related to mines, processing, electricity and water supply, wastewater treatment, waste management, and sanitation, as well as in real estate management (-0.1% and -0.2% respectively), and public administration, defense, compulsory social security, education, and activities related to human health and social care (-0.4%) compared to the previous quarter.