Cyprus Records the Third Highest Annual Growth Rate in the EU for the Second Quarter 2024

According to the European Union’s Statistics Service (Eurostat) data published recently, Cyprus recorded the third-highest annual growth rate in the EU for the second quarter of 2024.

Based on seasonally adjusted data, Cyprus’s economy expanded by 3.7% year-on-year in the second quarter of 2024, up from a revised 3.3% growth in the previous quarter. Cyprus’s performance is third best behind Malta with 4.2%, and Poland with 4%.

Tourism, financial services, and real estate form the backbone of the Cypriot economy, contributing nearly 80% to the GDP. In contrast, industry makes up only 10%, and agriculture accounts for a mere 2%.

The 3.6% annual growth rate is particularly noteworthy given the broader economic uncertainty across Europe, where many nations are facing slower or even negative growth.

This surge highlights the resilience of Cyprus in the face of external pressures such as the wars in Ukraine and the Middle East.

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