Cyprus economy grows 3.3% in Q2, outpacing EU and eurozone despite regional challenges
Cyprus’s economy expanded at an annual rate of 3.3% in the second quarter, significantly exceeding the European Union’s 1.4% and the eurozone’s 1.2%, according to Eurostat data. Seasonally adjusted GDP rose 0.8% quarter-on-quarter, up from 0.5% in the first quarter. The growth was mainly driven by a 5.2% increase in consumption, with trade, tourism, transport, and catering sectors contributing notably.
However, the Fiscal Council raised concerns over the composition of growth, highlighting a 1.8% decline in exports and a 2% fall in investment during the same period. The Council warned that reliance on sectors vulnerable to external shocks—such as geopolitical tensions in the Middle East, changes in air connectivity, freight rates, and energy costs—could pose risks to sustainable growth.
Across Europe, growth remained subdued with the eurozone and EU recording quarterly increases of 0.6% and 0.7%, respectively. Ireland led with a 10.2% annual growth rate, while Austria was the only country to experience a contraction. In the US, GDP grew 2.1% annually, surpassing both the EU and eurozone figures.
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