Driven by the construction, hospitality, information and communication technologies (ICT), and trade sectors, Cyprus's economy grew by 3.6% in the second quarter of 2024 compared to the same period in 2023, according to data released by the Cyprus Statistical Service on Monday.

After adjusting the Gross Domestic Product (GDP) for seasonal fluctuations and working days, the growth rate is estimated at 3.7%.

Regarding the production approach for GDP calculation, the positive growth rate is mainly attributed to the following sectors: "Hotels and Restaurants," "Construction," "Information and Communication," and "Wholesale and Retail Trade, Repair of Motor Vehicles."

The Construction sector recorded the highest annual increase of 10.4% and a quarterly increase of 1.8%. The Information and Communication sector also showed strong growth, with a 7.0% annual increase and a 2.1% quarterly rise.

Conversely, the Financial and Insurance Activities sector experienced a decline of 0.5% compared to the second quarter of 2023 and a 0.9% decrease compared to the first quarter of 2024.

In absolute figures, the leading sector in terms of production, generating €1.38 billion, was the one encompassing "Wholesale and Retail Trade," "Repair of Motor Vehicles and Motorcycles," "Transportation and Storage," and "Accommodation and Food Service Activities."

Following this, the second largest sector, with €1.12 billion, included "Public Administration and Defense," "Compulsory Social Security," "Education," and "Human Health and Social Work Activities."