In the third quarter of 2023, seasonally adjusted GDP decreased by 0.1% in the euro area but Cyprus – nonetheless – recorded a 2.2% growth compared with the corresponding quarter last year.
This is what a flash estimate published by Eurostat, the statistical office of the European Union, showed on Tuesday.
Cyprus’ positive GDP growth rate is mainly attributed to the sectors of “Hotels and Restaurants”, “Transport and Storage”, “Wholesale and Retail Trade, Repair of Motor Vehicles” and “Information and Communication”. As well as to “Construction”, “Arts, Entertainment and Recreation” and “Other Service Activities”.
The data also shows that – in the first quarter of 2023 – the growth rate was 3.2% (compared to the corresponding quarter of the previous year). And in the third quarter of 2022 the growth rate was 4.3% – compared to the corresponding quarter of the previous year.
At the same time, Labour Minister Yiannis Panayiotou told the 61st annual general meeting of Larnaca’s Chamber of Commerce and Industry that the economy is based on solid foundations and the latest figures is the proof.
“We are moving in the same direction, which is collective cooperation for the development of the economy of Cyprus,” he added before disclosing that economic forecasts indicate the Mediterranean island will have the highest surplus over the last decade.
