Filenews 7 September 2024
Cyprus recorded the third annual highest growth rate in the EU and the second highest in the euro area in the 2nd quarter of 2024, based on data released on Friday by Eurostat.
Based on the data (seasonally adjusted), Cypriot GDP grew at a rate of 3.7% compared to the corresponding quarter of 2023, with this performance behind the first Malta, with 4.2%, and the second Poland with 4%.
Meanwhile, Cyprus continued to show growth rates many times higher than the EU and Eurozone averages, which stood at 0.8% and 0.6% respectively.
Compared to the first quarter of 2024, Cyprus recorded the sixth highest growth rate with 0.7%, with Greece recording the second highest performance with 1.1%, behind Poland with 1.5%. GDP growth for both the euro area and the EU stood at 0.2%.
It is recalled that GDP growth for the first half of 2024 stood at 3.5%, exceeding the initial official estimate of 2.9% for the whole year, while the Ministry of Finance announced that it will revise its estimate for the year, which is expected to be done in the context of the submission of the state budget for 2025.
