Cyprus has registered the third highest annual growth rate in the European Union in the second quarter of this year, according to new data released by Eurostat.
Based on seasonally adjusted data, the Cypriot GDP expanded by 3.7% in Q2 2024 compared with the respective period of last year, the third best performance behind Malta with 4.2% and Poland with 4%. Cyprus continued registering growth rate far higher than the EU and Euro area average rates which in the Q2 stood at 0.8% and 0.6% respectively.
On a quarterly basis, that is compared with the first quarter of 2024, Cyprus in Q2 recorded the sixth highest growth rate with 0.7% with Poland topping the rankings with 1.5% followed by Greece with 1.1%. The Quarter-on-Quarter growth rate of the EU and the Euro area amounted to 0.2%, Eurostat added.
For the first half of 2024, Cyprus growth rate on seasonally adjusted terms amounted to 3.5%, exceeding the official estimate of 2.9% for the whole year, with the Finance Ministry announcing that it will revise upwards its estimate for the growth rate throughout the year.
The revised growth target will be included in the projections of the 2025 state budget.
(Source: CNA)
