GDP at €6,2 billion in first quarter

Gross Domestic Product reached 6.2 billion euro in the first quarter of the year, showing an increase of 3.4% on an annual basis.

The Statistical Service of Cyprus said Thursday in a press release that the GDP growth rate in real terms during the first quarter of 2023 is positive and it is estimated at 3.4% over the corresponding quarter of 2022. It added that based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3.4%. 

The most significant increase (7.2% on an annual basis) was recorded in the economic activity, wholesale and retail trade, repair of motor vehicles and motorcycles, transport and storage and activities of accommodation and catering services. Economic activity income reached 1.19 billion euro and accounted for 19.2% of generated gross income in the first quarter.

Meanwhile, the information and communication activity also showed an increase of 5.8% on an annual basis with the generated income amounting to 0.57 billion, while an increase of 5.7% was recorded in the first quarter in the financial and insurance activities with a generated income of 0.47 billion euro.

Real estate management activity recorded an increase of 0.7%, with the generated income amounting to 0.49 billion euro.

A negative growth rate compared to the last quarter was recorded in the activities concerning mines, processing, supply of electricity, natural gas, steam and air conditioning, water supply, wastewater treatment, waste management and sanitation activities with 0.1%, real estate management with -0.2% and public administration and defence, compulsory social security, education and activities related to human health and social care with 0.4%