According to the flash estimate by the Statistical Service of Cyprus published today, the growth rate of the economy for the 1st quarter of 2024 is estimated at 3.3% (seasonally adjusted data) compared to the corresponding quarter of 2023 and at 1.2% compared to the 4th quarter of 2023.
This rate is an important head start for the year and is consistent with the forecast by the Ministry of Finance, which conservatively estimates the growth rate for 2024 overall at 2.9%, and confirms that the economy in 2024 has re-entered a recovery path.
According to corresponding data from Eurostat, the growth rate of Cyprus for the 1st quarter of 2024 is the highest among the Member States and much higher, by almost 3 p.m., than the average of the Eurozone and the EU which is at 0.4% respectively. In quarterly terms, i.e. compared to the 4th quarter of 2023, Cyprus also recorded the largest increase while the EU and the Eurozone showed an increase of 0.3% respectively.
The figures for Cyprus, but also in comparison with the EU, once again confirm the resilience and flexibility of the Cypriot economy in an external environment with uncertainty, challenges and shocks from geopolitical developments.
