The Cypriot economy recorded strong growth in the third quarter of 2024, with a year-on-year growth rate of 3.9%, according to Cyprus’ Statistical Service. After adjustments for seasonal variations and working days, growth was calculated at 3.8%.

Compared to the previous quarter, Cyprus’ GDP rose by 1.0%, marking the highest quarterly increase in 2024 so far.

Growth was primarily driven by the Hotels and Restaurants, Wholesale and Retail Trade, Communication Technologies, and Construction sectors. These sectors benefited significantly from a robust tourism season and increased investments, reinforcing their roles as key drivers of Cyprus’ economic expansion.

With strong performances in tourism-related industries and sustained investment, Cyprus' economy remains on a positive trajectory for 2024.