Insider Business Cyprus economy grows by 3.9% in second quarter of 2018

Cyprus economy grows by 3.9% in second quarter of 2018

According to the Flash Estimate compiled by the Statistical Service, the GDP growth rate in real terms during the second quarter of 2018 is estimated at +3.9% over the corresponding quarter of 2017, the Finance Ministry said on Tuesday.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at +3.9%, it added.

The increase of the GDP growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Retail and Wholesale Trade”, “Construction”, “Manufacturing”, “Professional, scientific and technical activities” and “Administrative and support service activities”. Negative growth rate was recorded by the sector “Financial and Insurance Activities”.

Commenting on the news, Finance Minister Harris Georgiades said that the growth was the result of hard work of the productive sectors of the country and confirmation that Cyprus remains on a stable path with positive prospects.

“Unemployment is now below the European average, available income, private consumption and investments are gradually increasing while the recent decisive steps as regards out banking system have boosted confidence and led to three consecutive upgrades from rating agencies,” he said.

“We must collectively and responsibly continue this effort,” he added.

Moreover, government spokesman Prodromos Prodromou said said the flash estimate confirmed the economy is showing accelerated growth and it was realistic to expect a growth rate of more than 4% for the whole year 2018.

He also said that this is the 14th consecutive quarter of growth since 2015 .

Prodromou added that the growth allows Cyprus to absorb unemployment and move on to a full employment  track.

Concluding, the Spokesman noted that the government’s prudent economic policy must continue and that along with stability, this will favour development initiatives.

 

 

Top Stories

New covid cases on Thursday are 121, out of 2,530 tests

The Health Ministry on Thursday announced 121 new COVID-19 cases out of a total of 2,530  laboratory tests, taking confirmed infections to 4,051. The break-down...

Greece introduces regional lockdown in north after COVID-19 spike

Greece will impose regional lockdowns on its second-largest city of Thessaloniki and two other regions from Friday after a spike in cases of COVID-19, the...

France attack: Church sexton had throat slit while preparing for Mass

As he did every day, the sexton of the Notre Dame church in the French city of Nice opened up the doors around 8:30...

Man operating motorised parachute seriously injured

A man operating a motorised parachute on Thursday afternoon suffered serious injuries after he fell violently on the ground under circumstances which are investigated. The...

Second covid-19 test by FM Christodoulides negative again

A second coronavirus diagnostic test submitted on Thursday by Minister of Foreign Affairs Nikos Christodoulides after one of his close associates was diagnosed with...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...