Financial News: Cyprus Q1 Growth Confirmed At 3%

Cyprus Q1 Growth Confirmed At 3%

06/02/2025 - 06:26:00 (RTTNews)

(RTTNews) - Cyprus' economy grew at a slightly faster pace in the first quarter of 2025 as initially estimated, driven by strong gains in investment, preliminary data from the statistical office Cystat showed on Monday.

The seasonally and working-day adjusted gross domestic product grew 3.0 percent year-on-year after a 2.9 percent increase in the final three months of 2024. This matched the flash estimate released on May 15.

First quarter growth was largely led by a 19.3 percent jump in gross fixed capital formation. Excluding ships and aircrafts, the GFCF grew 11 percent.

Imports grew 6.8 percent and exports were 4.5 percent higher from a year ago.

Final consumption expenditure increased 1.4 percent year-on-year within which household spending was 1.5 percent higher. Government expenditure grew 1.0 percent.

GDP grew 1.3 percent from the previous quarter, which was the strongest gain since the first quarter of 2024. In the final three months of 2024, the Cypriot economy expanded 0.2 percent sequentially.

Quarterly growth was led by gains in exports and consumption, while the GFCF and imports slumped.

The unadjusted GDP increased 3.0 percent year-on-year after a 2.6 percent expansion in the previous quarter.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Eurozone Consumer Confidence Unexpectedly Erodes In June (12 min(s), 33 sec(s) ago)
(RTTNews) - Euro area consumer sentiment deteriorated unexpectedly in June following a strong impr ...Full Story»

Croatia Jobless Rate Eases To 4.1% (38 min(s), 33 sec(s) ago)
(RTTNews) - Unemployment in Croatia dropped further in May amid increases in the labor force as we ...Full Story»

Philly Fed Index Unexpectedly Unchanged In June (35 min(s), 33 sec(s) ago)
(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Friday said regional ...Full Story»

French Manufacturing Sentiment Weakens In June (20 min(s), 33 sec(s) ago)
(RTTNews) - French manufacturing confidence weakened slightly in June, largely reflecting the dete ...Full Story»

UK Retail Sales Fall Most Since Late 2023; Consumer Confidence Improves (55 min(s), 33 sec(s) ago)
(RTTNews) - UK retail sales declined more than expected in May as food store sales declined sharpl ...Full Story»

Japan Core Inflation Accelerates More Than Forecast (16 min(s), 33 sec(s) ago)
(RTTNews) - Japan's core inflation accelerated more than expected to a more than two-year high ...Full Story»

UK Budget Deficit Widens In May (21 min(s), 27 sec(s) ago)
(RTTNews) - UK public sector net borrowing increased in May despite an increase in government rece ...Full Story»

German Producer Prices Fall Most In 8 Months (46 min(s), 27 sec(s) ago)
(RTTNews) - Germany's producer prices declined at the fastest pace in eight months in May, Des ...Full Story»