Cyprus experienced a positive economic performance in the second quarter of 2024, with the GDP growth rate in real terms reaching 3.6% compared to the same period in 2023, according to a preliminary estimate released by the Statistical Service on Wednesday.
When adjusted for seasonal variations and working days, the GDP growth rate in real terms was even higher, standing at 3.7%. This marks the most significant growth since the third quarter of 2022.
Compared to the first quarter of 2024, GDP growth saw an increase of 0.7%.
The positive growth in GDP is largely driven by several key sectors, including “Hotels and Restaurants,” “Wholesale and Retail Trade, Repair of Motor Vehicles,” “Information and Communication,” and “Construction.”
Source: www.stockwatch.com.cy