The gross domestic product (GDP) of Cyprus grew by 5.6 percent in real terms in 2022, according to a provisional estimate published by the country’s Statistical Service (CYSTAT) on Wednesday.
This compares with a provisionally estimated average eurozone GDP growth of 3.5 percent and a European Union (EU) GDP growth of 3.6 percent in 2022.
In absolute terms, Cyprus’ 2022 GDP in current prices was estimated at 27.012 billion euros (28.828 billion U.S. dollars), compared to 24.230 billion euros in 2021.
The growth rate in real terms in the fourth quarter of 2022 was estimated at 4.6 percent over the corresponding quarter of 2021.
Based on seasonally and working day adjusted data, the GDP growth rate in real terms in the fourth quarter was estimated at 4.5 percent.
According to a Finance Ministry projection, adverse factors resulting mostly from the continued conflict in Ukraine are expected to slow down Cyprus’ GDP growth to about 2.6 percent this year.
The European Commission said in its winter projection that it expected an average GDP growth of 0.8 percent for EU and 0.9 percent for the eurozone this year. (1 euro = 1.07 U.S. dollar) ■