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Cyprus GDP Q1 2024

Cyprus: Economic growth accelerates in the first quarter

According to a preliminary estimate, GDP growth accelerated to 3.5% year on year in the first quarter of 2024 from 2.1% in the fourth quarter of last year. Q1’s reading marked the fastest expansion since Q3 2022. On a working-day and seasonally adjusted quarter-on-quarter basis, economic growth improved moderately to 1.2% in Q1, following the previous quarter’s 1.0% increase.

The flash estimate did not include a detailed breakdown. Instead, the statistical office stated that the hospitality, trade, communication and construction sectors supported growth. Meanwhile, monthly data hints that the external sector weakened in the quarter: Merchandise exports swung into contraction and growth in tourist arrivals eased compared with Q4.

A full breakdown is set to be released on 3 June.

Analysts at the EIU commented on the outlook:

“Growth will be propped up by consumer spending and the tourism sector, and will outperform the wider euro zone (0.8% growth). We expect real GDP growth and consumer spending to recover more notably in 2025, expanding by 2.4% and 2.2% respectively, as interest rates and inflation fall further”.

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