GDP growth rate at 5.5% for Q3, 2022

Finance Minister, Constantinos Petrides, said on Tuesday that the growth rate of the Cypriot economy records an increase of 5.5% during the third semester of 2022.

In statements at the Presidential Palace, after a meeting of the Council of Ministers, Petrides noted that this growth rate is significantly higher than the EU average which is 2.4% and the Eurozone average which is 2.1%.

He expressed certainty that the overall growth rate for 2022 will be over 6%. During the first semester it was 6.6% and during the second 6.3%, therefore the forecast for the growth rate for the whole year has been revised to 6% from 5.7%.

The Minister said that this growth rate which is higher than in most EU countries indicates the resilience and prospects of the Cypriot economy during a very difficult period, in which it is estimated that many EU economies may enter into recession.

Petrides also said that the government's growth plan continues through the 2023 budget and that the government policies yield better results than in other European countries.

"We must continue this right way forward which tangibly bears fruit for the society, without ignoring the problems which inflation creates and the high price of energy," he concluded.