Cliff on the ocean in Cyprus

Cyprus GDP Q3 2022

Cyprus: GDP growth records slowest increase since Q1 2021 in Q3

According to a preliminary reading, GDP growth lost steam, falling to 5.5% year on year in the third quarter, from 5.9% in the second quarter. Q3’s reading marked the worst result since Q1 2021.

On a working-day and seasonally adjusted quarter-on-quarter basis, GDP grew 1.3% in Q3, accelerating from the previous quarter’s 0.3% expansion.

While a detailed breakdown will be released on 30 November, the preliminary print pointed out that growth was chiefly driven by the hospitality, transportation, information and trade sectors.

Looking ahead, growth is likely to slow as elevated prices pressures dent private spending and tighter financing conditions take a toll on investment, while the positive effects from a recovering tourism sector fade.

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