The Cypriot economy recorded a 2.5% growth rate in the third quarter of 2023 compared to the same quarter in 2022. This rate reflects an increase from the 2.2% growth achieved in the second quarter of 2023, although it falls short of the 3% growth seen in the first quarter.

The Cyprus Statistical Service's preliminary estimates, after adjusting the Gross Domestic Product (GDP) for seasonal variations and working days, indicate a consistent growth rate of 2.2% in the third quarter of 2023, mirroring the growth rate of the previous quarter. Notably, the first quarter of 2023 had seen a higher annual growth rate of 3.2%.

According to the Statistical Service, the positive trend in GDP growth is primarily attributable to the contributions from several sectors. These include "Hotels and Restaurants," "Transport and Storage," "Wholesale and Retail Trade, Repair of Motor Vehicles," "Information and Communication," "Construction," "Arts, Entertainment and Recreation," and "Other Service Activities."

When compared to the second quarter of 2023, the Cypriot economy's growth stands at 1.1%, following the adjustment of the GDP for seasonal variations and working days. This consistent growth underscores the resilience and diversification of the Cypriot economy in the face of various economic challenges.