The Gross Domestic Product (GDP) for the year 2022 is provisionally estimated at €27,011.7 mn at current prices compared to €24,018.9 mn in 2021, according to data published by the Statistical Service of Cyprus in Wednesday. The growth rate in real terms is estimated at 5.6% in 2022, compared to 6.6% in 2021.
GDP is at €24,229.9 mn at volume measures (constant prices) for the year 2022, compared to €22,938 mn in 2021.
According to the data, the GDP growth rate in real terms during the fourth quarter of 2022 is positive and it is estimated at 4.6% over the corresponding quarter of 2021. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 4.5%.
The positive GDP growth rate is mainly attributed to the sectors “Hotels and Restaurants”, ” Transport and Storage”, “Information and Communication”, “Wholesale and Retail Trade, Repair of Motor Vehicles”, “Arts, Entertainment and Recreation”, “Other Service Activities”, the Statistical Service notes.
SOURCE: CYPRUS NEWS AGENCY