Cyprus’ economy recorded the second-highest growth rate in the EU

According to a preliminary estimate by the Statistical Service, Cyprus' economic growth rate for 2024 is expected to be 3.6%. The Government of the Republic of Cyprus aims for the economic growth rate to exceed 4%.

In a post on social media platform X, government representative Konstantinos Letimbiotis stated that “Cyprus’ economy continues to grow thanks to the implementation of the sound policies of the Nikos Christodoulides government.”

The representative reported that Cyprus recorded the second-highest growth rate in the EU, three percentage points higher than the EU’s growth rate (0.8% in the second quarter).

- By continuing the implementation of sound policies, we aim for more robust growth in 2024, - he added, stating that the new goal is to exceed a 4% growth rate, which is significantly higher than the European Commission’s forecasts.

It is noted that the European Commission’s forecast estimates Cyprus’ growth rate at 2.8% for 2024 and 2.9% for 2025.

- High growth rates combined with reduced unemployment and inflation, as well as a strong fiscal balance, enable us to continue our successful, targeted social policies, - the politician added.