The Cypriot economy recorded a growth rate of 3.4% in the first quarter of 2024, based on seasonally adjusted data, compared to the same quarter of 2023. The construction sector experienced the highest growth, with an increase of 10.2%.

Specifically, according to the Statistical Service, the growth rate of the economy for the first quarter of 2024 is estimated at 3.5% compared to the same quarter in 2023. After adjusting the GDP for seasonal variations and working days, the growth rate is calculated at 3.4%.

The GDP at the end of the first quarter of 2024 amounted to €6,590.7 million.

Regarding the production approach for calculating GDP, the positive growth rate is mainly attributed to the sectors of "Hotels and Restaurants," "Construction," "Information and Communication," "Wholesale and Retail Trade, Repair of Motor Vehicles," and "Arts, Entertainment and Recreation, Repair of Household Goods, and Other Activities."

More specifically, according to the data, the sector "Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles, Transport and Storage, Accommodation and Food Service Activities," which includes hotels and restaurants, contributed €1,386.3 million to GDP. This represents an increase of 3.7% compared to Q1 2023 and 0.7% compared to the previous quarter.

The "Construction" sector contributed €378.4 million, showing an increase of 10.2% compared to the same quarter last year and 4.9% compared to Q4 2023.

The "Information and Communication" sector contributed €669.1 million to GDP in Q1 2024, marking an increase of 4.4% year-on-year and 1.3% compared to Q4 2023.

The sector "Arts, Entertainment and Recreation, Repair of Household Goods, and Other Activities" contributed €205 million, showing an increase of 2.1% compared to Q1 2023 and a decrease of 2.7% compared to Q4 2023.

The sector "Financial and Insurance Activities" had a negative impact on GDP, contributing €449.1 million, with a decrease of 1.1% in Q1 2024 and an increase of 0.4% compared to Q4 2023.

The sector "Public Administration and Defense, Compulsory Social Security, Education, Human Health, and Social Work Activities" contributed €1,114.2 million, noting an annual increase of 3.2% and a quarterly increase of 1.8%.

Regarding GDP in volume measures adjusted for seasonal variations and working days, the total final consumption expenditure of households and non-profit institutions serving households amounted to €4,089.5 million in Q1 2024, showing an increase of 3.8% compared to Q1 2023 and an increase of 0.4% compared to the previous quarter.

The total expenditure of General Government amounted to €1,233 million, marking an increase of 3.7% compared to Q1 2023 and 2.7% compared to Q4 2023.