Cyprus achieved the third-highest annual growth rate in the European Union and the second-highest in the eurozone for the second quarter of 2024, according to Eurostat data released on Friday.
Seasonally adjusted data revealed that Cyprus’s GDP expanded by 3.7% compared to the same quarter in 2023, trailing only Malta (4.2%) and Poland (4%).
Notably, Cyprus’s growth rate was significantly higher than the EU and eurozone averages of 0.8% and 0.6%, respectively.
Compared to the first quarter of 2024, Cyprus recorded the sixth-highest growth rate at 0.7%, while Greece achieved the second-highest growth at 1.1%, following Poland at 1.5%. The GDP growth rate for both the eurozone and the EU stood at 0.2%.
Cyprus’s GDP growth rate for the first half of 2024 reached 3.5%, surpassing the initial official estimate of 2.9% for the entire year. The Ministry of Finance has announced that it will revise its estimate for the year, likely during the 2025 state budget submission.
