Q1 growth rate seen at 3.5%

Q1 growth rate seen at 3.5%

The Cyprus economy’s growth rate in real terms during the first quarter of 2024 is positive and gross domestic product is estimated at 3.5% year-on-year, according to the flash estimate by the Statistics Department Cystat.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3.3%.

This is an improvement on the y-o-y GDP flash estimates in the fourth quarter of 2023, at 2.1% and 2.3% (seasonally adjusted).

Cystat said the positive GDP growth rate is mainly attributed to the sectors of: “hotels and restaurants”, “wholesale and retail trade, repair of motor vehicles”, “information and communication”, “construction“, “arts, entertainment and recreation” and “other service activities”.

The scope of GDP Flash estimate is to provide an early picture of the overall development of Cyprus economy based on preliminary data, 45 days after the end of the quarter, by using less input information available compared to the one used for the regular Quarterly National Accounts (QNA) estimation at t+2 months.

Meanwhile, Eurostat has released a second estimate of preliminary Q1 GDP data.

The GDP report indicated that quarterly and annualised GDP growth were in line with the consensus and the preliminary reading at 0.3% and 0.4%, respectively.

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