Cyprus economy grows 3.6% y-o-y in Q2

16:07 - 02 September 2024

Economy

The Cyprus economy registered a robust growth rate of 3.6% in the second quarter of 2024 compared to the same period in 2023, according to figures released by Cystat.

After adjusting for seasonal variations and working days, the growth rate is estimated at 3.7%.

The positive economic performance is primarily attributed to strong activity in the "Hotels and Restaurants," "Construction," "Information and Communication Technologies (ICT)," and "Wholesale and Retail Trade, Repair of Motor Vehicles" sectors.

The Construction sector led the way with the highest annual increase, posting a 10.4% rise, along with a 1.8% quarterly growth. The ICT sector also demonstrated significant gains, with a 7.0% annual growth and a 2.1% increase compared to the previous quarter.

In contrast, the Financial and Insurance Activities sector recorded a decline, with a 0.5% drop year-on-year and a 0.9% decrease compared to the first quarter of 2024.

In absolute terms, the leading sector in terms of production was "Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles, Transport and Storage, Accommodation, and Food Service Activities," which generated €1.38 billion. The second-largest sector was "Public Administration and Defense, Compulsory Social Security, Education, Human Health, and Social Work Activities," with a production value of €1.12 billion.

Cyprus economy grows 3.6% y-o-y in Q2

News Feed

Read More