Cyprus’s economic performance continues to shine, with a GDP growth rate of 3.9% in real terms for the third quarter of 2024, marking a significant increase compared to the same period in 2023. The Cyprus Statistical Service revealed the figures on Monday, noting that seasonally and working day adjusted data placed growth at a slightly lower yet solid 3.8%.
The economic expansion is fueled by notable contributions from key sectors, including Hotels and Restaurants, Construction, Information and Communication, and Wholesale and Retail Trade, including Motor Vehicle Repairs.
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Retail Sector Posts Impressive Gains in October
In October 2024, retail trade recorded substantial year-over-year growth, reflecting a 4.7% rise in turnover value and a 4.6% increase in turnover volume, according to the Cyprus Statistical Service.
Specialised stores selling Food, Beverages, and Tobacco led the value index gains, while the volume index saw the largest boost from Cultural and Recreational Goods, such as books, stationery, sports equipment, and toys.
Conversely, Retail Sales Not in Stores experienced the most notable decline across both indexes.
For the first ten months of 2024, the Value Index of retail trade grew by 5.2%, with the Volume Index climbing by 4.1%, compared to the same period in 2023.
These figures underscore a vibrant and resilient economic landscape, with growth driven by diverse and dynamic sectors.
