Cyprus publishes encouraging growth rate estimate

The Cyprus GDP growth rate in real terms during the first quarter of 2023 is positive and it is estimated at 3,4% over the corresponding quarter of 2022. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3,4%.

The positive GDP growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Transport and Storage”, “Information and Communication”, “Wholesale and Retail Trade, Repair of Motor Vehicles”, “Arts, Entertainment and Recreation”, “Other Service Activities” and “Financial 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.

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