Cyprus’ GDP growth rate in real terms during the fourth quarter of 2024 is estimated at 2.6%, according to a provisional report published by the Cyprus Statistical Service (CyStat) on Friday. Based on seasonally and working day adjusted data, GDP growth in real terms is estimated at 2.9%.
The positive GDP growth rate is mainly attributed to the sectors of hotels and restaurants, wholesale and retail trade and motor vehicle repairs, and information and communication. Construction activities, in contrast, recorded a negative growth rate.
Compared to the third quarter of 2024, GDP growth in the fourth quarter of 2024 recorded an increase of 0.3%.
On Thursday, CyStat announced that the number of building permits issued saw an annual decrease of 30.9% in September 2024. This is attributed to operational challenges related to the new integrated information system – dubbed Ippodamos – according to the statistical service.
The data showed that a total of 423 building permits were issued during the month, compared to 612 in September 2023. The total value of these permits reached 160.5 million euros, covering a surface area of 129,100 square meters.
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