In the fourth quarter of 2023, the economy of Cyprus grew by 2.1 percent

According to a report published by the Statistical Service of Cyprus (Cystat), in the fourth quarter of 2023, the economy of Cyprus grew by 2.1%.

The report notes that the growth rate in the third quarter of 2023 reached 2.6%, in the second quarter, the growth was 2.2%, and in the first quarter, it was 3%.

According to preliminary data, after adjusting GDP for seasonal fluctuations and working days, the growth rate reached 2.3% in the fourth quarter of 2023 compared to 3% in the same quarter of 2022.

In quarterly terms, in the fourth quarter of 2023, the economy of Cyprus grew by 0.8% compared to 0.7% for the same period a year earlier.

Finally, according to the statistical service, the positive GDP growth rates are primarily related to the sectors of hotels and restaurants, transportation and storage, wholesale and retail trade, repair of motor vehicles, information and communication, construction, arts, entertainment, and recreation, as well as other types of service activities.