Cyprus third in EU GDP growth during second quarter

Cyprus has recorded the third highest annual growth rate within the European Union and the second highest in the Eurozone during the second quarter of 2024, according to data released by Eurostat.

Seasonally adjusted figures show that Cyprus’ GDP expanded by 3.7 per cent when compared to the same quarter of 2023.

This performance placed Cyprus just behind Malta, which led with a 4.2 per cent growth rate, and Poland, in second place, at 4 per cent.

Significantly, Cyprus’ economic expansion far exceeded the EU and Eurozone averages, which stood at 0.8 per cent and 0.6 per cent, respectively.

Furthermore, in comparison to the first quarter of 2024, Cyprus achieved the sixth highest growth rate, with a quarterly increase of 0.7 per cent. In this category, Poland led with 1.5 per cent, followed closely by Greece with 1.1 per cent.

Meanwhile, the growth rates for both the Eurozone and the EU during this period were a mere 0.2 per cent.

It is also worth noting that Cyprus’ GDP growth for the first half of 2024 stood at 3.5 per cent, surpassing the initial official forecast of 2.9 per cent for the entire year.

The Finance Ministry has announced that it will ‘revise its annual growth estimate, with the updated figure expected to be included in the forthcoming 2025 state budget submission.’