Cypriot Economy Surges with Impressive Growth
The first quarter of 2024 has been a period of notable economic achievement for Cyprus, as the nation’s Gross Domestic Product (GDP) soared to a 3.5 per cent increase compared to the same period in the previous year. This upswing is the most significant growth rate Cyprus has seen in over a year, specifically since the fourth quarter of 2022. The Cyprus Statistical Service (Cystat) has provided these preliminary figures, highlighting a robust economic landscape.
When examining the data after adjustments for seasonal fluctuations and working days, the growth rate still impresses at 3.3 per cent. This figure represents the highest growth since the first quarter of 2023 on an annual basis. Furthermore, when compared to the last quarter of 2023, the Cypriot GDP saw an increase of 1.2 per cent.
Remarkably, this quarter is not just a standalone success; it continues a consistent trend of economic expansion. For 13 consecutive quarters, starting from the first quarter of 2021, Cyprus has enjoyed positive growth rates on an annual basis. This sustained growth trajectory surpasses even the optimistic projections set by the International Monetary Fund (IMF), which had anticipated a growth rate of 2.7 per cent for 2024, with an expectation of a rise to 2.9 per cent in 2025.
The driving forces behind this economic prosperity are diverse, with significant contributions from various sectors. The hospitality industry, including hotels and restaurants, alongside wholesale and retail trade, motor vehicle repair services, information and communication, construction, and the arts, entertainment and recreation sectors, have all played vital roles in propelling the economy forward.
For businesses and investors keeping a close eye on the Bank of Cyprus exchange rates, this economic news could signal new opportunities. Additionally, those conducting a
In summary, the Cypriot economy’s robust performance in early 2024 paints a promising picture for both local businesses and international investors, suggesting that the island nation is on a steady path to economic resilience and prosperity.
