According to the latest figures from the Statistical Service, the Cyprus economy is projected to grow by 3.4% in real terms in 2024. When considering current price estimates, the Gross Domestic Product (GDP) is expected to expand by 6.6%.
Leading Sectors Fueling Growth
The primary sectors driving this impressive growth include:
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- Hotels and Restaurants
- Information and Communication
- Construction
- Wholesale and Retail Trade, Vehicle Repair
These sectors have been vital in maintaining a robust economic trajectory despite various challenges.
Notable 2.6% Growth In Q4 2024
In the fourth quarter of 2024, the growth rate reached 2.6% compared to the same period in 2023. Adjusting for seasonal variations and workdays, growth stands at 2.9%.
Sectors Contributing To Q4 Growth
The continued expansion during the last quarter was mainly due to:
- Hotels and Restaurants
- Wholesale and Retail Trade
- Information and Communication
It is important to note that the Construction sector faced a downturn during this period.
The overall expected 3.4% growth for 2024 reinforces a positive outlook for the Cyprus economy, highlighting its resilience and capacity to adapt in a dynamic global landscape. For further insights on this economic outlook, consider reading about how Cyprus inflation trends are shaping the financial landscape.
