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Cyprus GDP Q1 2023

Cyprus: GDP grows at softest pace since Q1 2021 in Q1

According to a preliminary reading, GDP growth waned to 3.4% year on year in the first quarter, from 4.6% in the fourth quarter of last year. Q1’s reading marked the slowest growth since Q1 2021.

The flash estimate revealed that growth was driven by the hospitality, transportation, information, trade and financial sectors.

On a working-day and seasonally adjusted quarter-on-quarter basis, economic growth decelerated to 0.8% in Q1, from the previous period’s 0.9% growth.

A full breakdown is set to be released on 1 June.

Going forward, economic growth is set to slow further. Fading pent-up demand and global headwinds will constrain the tourism sector. Additionally, higher interest rates and still-elevated inflation will hamper domestic activity. That said, our panelists expect activity to be resilient and see the economy expanding at a faster pace than most EU countries.

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