Cyprus economy grows 3.6% in Q2, driven by construction, hospitality, ICT
The Cypriot economy registered a robust growth rate of 3.6% in the second quarter of 2024 compared to the same period in 2023, according to figures released on Monday by the Cyprus Statistical Service. After adjusting for seasonal variations and working days, the growth rate is estimated at 3.7%.
The positive economic performance is primarily attributed to strong activity in the “Hotels and Restaurants,” “Construction,” “Information and Communication Technologies (ICT),” and “Wholesale and Retail Trade, Repair of Motor Vehicles” sectors.
The Construction sector led the way with the highest annual increase, posting a 10.4% rise, along with a 1.8% quarterly growth. The ICT sector also demonstrated significant gains, with a 7.0% annual growth and a 2.1% increase compared to the previous quarter.
In contrast, the Financial and Insurance Activities sector recorded a decline, with a 0.5% drop year-on-year and a 0.9% decrease compared to the first quarter of 2024.
In absolute terms, the leading sector in terms
of production was “Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles, Transport and Storage, Accommodation, and Food Service Activities,” which generated pound 1.38 billion. The second-largest sector was “Public Administration and Defense, Compulsory Social Security, Education, Human Health, and Social Work Activities,” with a production value of pound 1.12 billion.
Source: Cyprus News Agency