Q3 GDP growth at 2.2%

The Cypriot economy’s seasonally adjusted annual GDP growth rate reached 2.2% in the third quarter, maintaining the same level as Q3 2022 but showing a lower quarterly growth than in Q1.

According to a preliminary estimate by the Cyprus Statistical Service, after adjusting the Gross Domestic Product for seasonal variations and working days, GDP growth of 2.2% stayed at the same rate as in April-June.

But on a quarterly basis, GDP was lower in Q3 than in January-March, when it reached 3.2%.

Compared to the second quarter of 2023, adjusted growth of the Cypriot economy was 1.1%, the highest quarterly growth since Q3 2022.

It also followed negative growth of -0.4% growth in Q2 2023.

The positive GDP growth rate was mainly due to the sectors of 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”.