Cyprus’ economic growth well above that of the euro area, figures show

(File: Famagusta Gazette)

NICOSIA – Cyprus’ gross domestic product (GDP) is estimated to have grown by 5.5 percent year-on-year in the third quarter, the country’s Statistical Service (Cystat) said in a statement issued on Thursday.

Based on seasonably and working day adjusted data, the growth rate in real terms is estimated at 5.4 percent, Cystat said.

It attributed the country’s GDP growth mainly to the hospitality industry, as well as the transport and storage sectors.

Cyprus’ year-on-year economic growth in the third quarter is well above that of the euro area and the European Union — 2.1 percent and 2.4 percent respectively for the same period, according to figures released by European Statistical Service (Eurostat) at the end of October.

The Ministry of Finance has predicted a 5.7 percent growth of the Cypriot economy for the whole year, based on better-than-expected developments in the sectors of tourism, services and exports.

This year, Cyprus’ tourist arrivals and tourism income are expected to reach 80 percent and 87 percent respectively of the 2019 levels, according to the Ministry of Tourism.

The Ministry of Finance, however, has predicted slower growth for the coming three years: 3 percent next year, 2.3 percent in 2024 and 3.2 percent in 2025.

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