Financial News: Cyprus GDP Growth Slows Sharply In Q4

Cyprus GDP Growth Slows Sharply In Q4

03/04/2025 - 14:25:00 (RTTNews)

(RTTNews) - Cyprus' economic growth rate eased sharply in the final three months of 2024 to its lowest in a year, preliminary data from the statistical office showed on Tuesday.

Gross domestic product rose a non-seasonally adjusted 2.6 percent year-on-year following 3.6 percent increase in the third quarter.

The working day and seasonally adjusted GDP growth rate dropped to 2.9 percent from 3.9 percent in the previous quarter. Both growth rates were the weakest since the final quarter of 2023.

The adjusted GDP rose 0.3 percent from the third quarter when it grew 0.9 percent. On an adjusted basis, growth was mostly driven by the 67.1 percent year-on-year jump in gross fixed capital formation. Household consumption rose 2.0 percent. Imports surged 13.1 percent and exports grew 2.3 percent.

For the full year 2024, the Cypriot economy grew 3.4 percent after a 2.6 percent expansion in 2023. The economy grew for the fourth year in a row.

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