Strong Q1 for Cyprus’ economy
The Cypriot economy maintained strong momentum in the first quarter of 2023 with real GDP registering an annual growth rate of 3.4%, marking signs of a slowdown against the backdrop of the uncertain external environment and the restrictive monetary policy by the European Central Bank in a bid to wrestle inflation under control.
According to a flash estimate released by the Statistical Service of Cyprus (CyStat), the GDP growth rate in real terms during the first quarter of 2023 is estimated at 3.4% compared with the same period last year.
On a seasonally adjusted basis, GDP growth is also estimated at 3.4%.
The positive GDP growth rate is mainly attributed to the sectors Hotels & Restaurants, Transport & Storage, Information & Communication, Wholesale & Retail Trade, Repair of Motor Vehicles, Arts, Entertainment & Recreation, Other Service Activities and Financial Activities, Cystat added.
Compared with the previous quarter, the Cypriot GDP expanded by 0.8% (seasonally adjusted).
Moreover, according to data released by Eurostat, Cyprus in Q1 2023 marked the second-highest annual growth rate behind Spain (3.8%).
