NICOSIA (dpa-AFX) - Cyprus' economy grew at a slightly faster pace in the first quarter of 2025 as initially estimated, driven by strong gains in investment, preliminary data from the statistical office Cystat showed on Monday.
The seasonally and working-day adjusted gross domestic product grew 3.0 percent year-on-year after a 2.9 percent increase in the final three months of 2024. This matched the flash estimate released on May 15.
First quarter growth was largely led by a 19.3 percent jump in gross fixed capital formation. Excluding ships and aircrafts, the GFCF grew 11 percent.
Imports grew 6.8 percent and exports were 4.5 percent higher from a year ago.
Final consumption expenditure increased 1.4 percent year-on-year within which household spending was 1.5 percent higher. Government expenditure grew 1.0 percent.
GDP grew 1.3 percent from the previous quarter, which was the strongest gain since the first quarter of 2024. In the final three months of 2024, the Cypriot economy expanded 0.2 percent sequentially.
Quarterly growth was led by gains in exports and consumption, while the GFCF and imports slumped.
The unadjusted GDP increased 3.0 percent year-on-year after a 2.6 percent expansion in the previous quarter.
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