Cyprus’ gross domestic product (GDP) grew by 5.6% in real terms in 2022, according to a provisional estimate published by the country’s statistical service CyStat on Wednesday.
This compares with a provisionally estimated average eurozone GDP growth of 3.5% and a European Union GDP growth of 3.6% in 2022.
In absolute terms, Cyprus’ 2022 GDP in current prices was estimated at 27.012 billion euros, compared to €24.23 billion in 2021.
The growth rate in real terms in the fourth quarter of 2022 was estimated at 4.6% over the corresponding quarter of 2021.
Based on seasonally and working day adjusted data, the GDP growth rate in real terms in the fourth quarter was estimated at 4.5%.
According to a Finance Ministry projection, adverse factors resulting mostly from the continued conflict in Ukraine are expected to slow Cyprus’ GDP growth down to about 2.6% this year.