The Cyprus Statistical Service (Cystat) has reported that the Cypriot economy experienced its strongest growth in the past five quarters during Q1 of 2024. According to initial estimates, the Gross Domestic Product (GDP) rose by 3.5% compared to the same period in 2023.

This 3.5% GDP growth in Q1 2024 is the highest on an annual basis since Q4 of 2022. After adjusting for seasonal fluctuations and working days, the growth rate is calculated at 3.3%, which is the highest since Q1 of 2023 on an annual basis.

In comparison to the previous quarter (Q4 2023), Cyprus’ GDP grew by 1.2%. Furthermore, Q1 2024 marks the 13th consecutive quarter, starting from Q1 of 2021, with positive annual growth rates for the Cypriot economy.

It is worth noting that the Q1 2024 GDP growth surpasses the recent estimates provided by the International Monetary Fund (IMF). The IMF projected Cyprus’ growth rate for 2024 at 2.7%, with a further increase to 2.9% in 2025.

The positive GDP growth in Q1 2024 can be attributed to various sectors, including hotels and restaurants, wholesale and retail trade, vehicle repair, information and communication, construction, arts, entertainment, recreation, and other service activities.

View the original article here: https://cyprus-mail.com/2024/05/16/cyprus-economy-sees-highest-growth-rate-in-five-quarters/