Cyprus experienced its highest economic growth in five quarters in Q1 2024, with GDP rising by 3.5% compared to Q1 2023, according to preliminary data from Cyprus Statistical Service (Cystat). Adjusted for seasonal fluctuations, the growth rate reached 3.3%, the highest since Q1 2023. Compared to Q4 2023, GDP increased by 1.2%. This marks the 13th consecutive quarter of positive growth since Q1 2021. Additionally, Q1 2024 growth exceeds IMF’s recent estimates of 2.7% for 2024 and 2.9% for 2025.
According to the Statistical Service, the positive GDP growth is primarily driven by sectors such as hotels and restaurants, wholesale and retail trade, communications and art with other service activities.
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