Strong Q1 for Cyprus’ economy

The Cypriot economy maintained strong momentum in the first quarter of 2023 with real GDP registering an annual growth rate of 3.4%, marking signs of a slowdown against the backdrop of the uncertain external environment and the restrictive monetary policy by the European Central Bank in a bid to wrestle inflation under control.

According to a flash estimate released by the Statistical Service of Cyprus (CyStat), the GDP growth rate in real terms during the first quarter of 2023 is estimated at 3.4% compared with the same period last year.

On a seasonally adjusted basis, GDP growth is also estimated at 3.4%.

The positive GDP growth rate is mainly attributed to the sectors Hotels & Restaurants, Transport & Storage, Information & Communication, Wholesale & Retail Trade, Repair of Motor Vehicles, Arts, Entertainment & Recreation, Other Service Activities and...

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