Growth rate of the Cypriot economy estimated at 3.4% in 2024

07:51 - 05 March 2025

Economy Reporter

The growth rate of the economy in 2024 is estimated at 3.4%, CySTAT reports.

According to the first estimate for the year 2024, the growth rate of the economy in 2024 is positive and is estimated at 3.4% in real terms (volume measures), it notes.

At current prices, the percentage change in Gross Domestic Product (GDP) amounts to 6.6%.

Regarding the production approach for the estimation of GDP in real terms, the positive growth rate is mainly attributed to the sectors: "Hotels and Restaurants", “Information and communication”, “Construction” and “Wholesale and retail trade; repair of motor vehicles and motorcycles”.

4th quarter 2024, growth rate 2.6%

Meanwhile, CySTAT announced that the GDP growth rate in real terms during the fourth quarter of 2024 is positive and it is estimated at 2.6% over the corresponding quarter of 2023.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 2.9%.

Regarding the production approach for the estimation of GDP, the positive growth rate is mainly attributed to the sectors: "Hotels and Restaurants", "Wholesale and Retail Trade, Repair of Motor Vehicles" and "Information and Communication". The "Construction" activities recorded a negative growth rate.

(Source: CNA)

Growth rate of the Cypriot economy estimated at 3.4% in 2024

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