Cyprus’ economy grew steadily in the third quarter of 2024, with GDP rising by 3.9 per cent year-on-year, according to a flash estimate released on Thursday by the state’s statistical service.
This growth was primarily driven by robust activity in hotels and restaurants, wholesale and retail trade, repair of motor vehicles, information and communication, and construction.
Moreover, seasonally and working day-adjusted data showed similar growth, with a rate of 3.8 per cent.
In comparison, 2023 recorded slower growth, with GDP increasing by 2.4 per cent in the third quarter and 2.5 per cent in the final quarter of the year.
The report also showed that Cyprus’ economy has grown steadily in 2024. According to the statistical service, GDP was up 3.6 per cent year-on-year in the first quarter, and 3.7 per cent in the second quarter.
In addition, GDP grew by 1.7 per cent quarter-on-quarter during the first quarter of the year, followed by quarterly gains of 0.1 per cent and 1 per cent during the second and third quarters respectively.
In terms of the quarterly fluctuations in GDP growth, this is based on seasonally adjusted and revised data.
