InsiderEconomyEconomy enters path of recovery

Economy enters path of recovery

The gradual lifting of restrictions for Covid-19 caused an explosion of consumer expenses and things have started to move in the market.

According to a flash estimate of the Statistical Service of Cyprus, the economy grew by 12.8% in the second quarter of 2021, significantly better than initially expected.

Sectors like hotels and restaurants, storing and communications, wholesale and retail trade, entertainment, arts and other activities gave a push to development.

The arrivals of tourists, even though limited, as well as the domestic tourism of Cypriots have made the difference.

Registrations of cars increased by 1.5%, travel increased by 201.6%, imports increased by 9.6% while exports were reduced by 14.5%. There is also improvement in the sector of real estate with the sale of immovable properties increasing by 31%.

The Cyprus economy enters a path of recovery and growth, with private initiative, employees and our companies as its pillars, Minister of Finance Constantinos Petrides stresses in a written statement on the GDP growth rate for the second quarter of 2021.

The Minister expresses conviction that with proper financial management, the implementation of the National Plan for Recovery and Resilience, which includes significant reforms and investments, the country will be able to restore economic activity and employment conditions to the positive rates that existed before the pandemic.

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