HARMONIZED INDEX OF CONSUMER PRICES (HICP): OCTOBER 2024

Annual Rate of Change 1,6%

The HICP rose by 1,6% between October 2023 and October 2024, and decrease by 0,2% in the month between September 2024 and October 2024. For the period January – October 2024, the HICP rose by 2,2% compared to the corresponding period of the previous year.

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The GDP growth rate in real terms during the third quarter of 2024 is positive and it is estimated at 3,9% over the corresponding quarter of 2023. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3,8%.

The positive GDP growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Wholesale and Retail Trade, Repair of Motor Vehicles”, “Information and Communication” and “Construction”.

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Based on provisional data, the average gross monthly earnings of employees during the second quarter of 2024, amounted to €2.398 compared to €2.262 during the second quarter of 2023, i.e. an increase of 6,0% is observed.

The average gross monthly earnings during the second quarter of 2024, seasonally adjusted, are estimated at €2.475 and compared to the first quarter of 2024 they are increased by 1,6%.

The average gross monthly earnings of male employees during the second quarter of 2024 are estimated at €2.606 and of female employees at €2.141. Compared to the second quarter of 2023, the average gross monthly earnings of male and female employees recorded an increase of 6,4% and 5,6% respectively.  

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The preliminary General Government fiscal results, which are prepared by the Statistical Service of Cyprus (CYSTAT) indicate a surplus of €1.401,2 mn (4,2% of GDP) for the period of January-September 2024, as compared to a surplus of €679,9 mn (2,2% of GDP) that was recorded during the period of January-September 2023.

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