According to the flash estimate by the Statistical Service of Cyprus (Cystat) published today, the growth rate of the economy for the 4th quarter of 2023 is estimated at 2.3% (seasonally adjusted data) compared to the corresponding quarter of 2022 and at 0.8% compared with the previous quarter of 2023.
For 2023 as a whole, the growth rate is at 2.5% compared to 2022. This rate is very close to the forecast by the Ministry of Finance which estimated the growth rate for 2023 at 2.4%, which shows that the Ministry's forecasts are conservative.
According to corresponding data from Eurostat, the growth rate of Cyprus for the 4th quarter of 2023 is the 2nd highest among the Member States and much higher than the average of the Eurozone and the EU which are at 0.1% and 0.3% respectively. In quarterly terms, i.e. compared to the 3rd quarter of 2023, Cyprus recorded the 2nd largest increase together with Portugal after Slovenia while the EU shows a 0.1% growth rate and the Eurozone 0.0%.
The figures for Cyprus, but also in comparison with the EU, continue to confirm the resilience and flexibility of the Cypriot economy, aided by a broad productive base to cope with difficult and ominous challenges. With a relatively high growth rate of 2.5% for 2023 compared to 0.5% in the EU, the slowdown was not as pronounced as in the rest of the EU member states.
