Cliff on the ocean in Cyprus

Chipre Actividad económica Q1 2023

Chipre: 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.

Informe de muestra gratuito

Acceda a información esencial en el menor tiempo posible. FocusEconomics proporciona cientos de informes de previsión consensuados de las autoridades de investigación económica más reputadas del mundo.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen