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Cyprus GDP Q4 2021

Cyprus: Activity improves in the fourth quarter

According to a preliminary reading, GDP growth accelerated to 6.5% year-on-year in the fourth quarter, from 5.5% in the third quarter. On a working-day and seasonally-adjusted quarter-on-quarter basis, economic growth came in at 0.9% in Q4, down from Q3’s 1.6% growth.

Although a detailed breakdown is yet to be released, the print named subsectors such as hotels and restaurants, and wholesale and retail trade as positive contributors to growth.

Turning to the current quarter, the economy is expected to benefit from improved dynamics in the tourism sector as restrictions were eased for the unvaccinated in mid-February. The latest data shows that the subsector has been performing well, with revenues surpassing pre-pandemic levels from October–November last year.

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