Insider Business Economy grows 4% in 1Q 2018

Economy grows 4% in 1Q 2018

Cyprus’ GDP grew by an annual 4% in the first quarter of 2018, higher than the initial estimate.

According to data released on Friday by the Statistical Service of Cyprus, the growth rate of the economy in the first quarter of 2018 is estimated at 4% based on seasonally and working day adjusted data, compared to the corresponding quarter of 2017.

On May 15, the Statistical Service issued a preliminary estimate that GDP would grow by 3.8% in the first quarter of 2018.

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”.

Compared to the fourth quarter of 2017 GDP grew by 1%, higher than the preliminary estimate by the Statistical Service on 15 May 2018 which was 0.8%.

Top Stories

Insults and interruptions mar first Trump-Biden debate

President Donald Trump and Democratic rival Joe Biden battled fiercely over Trump's record on the coronavirus pandemic, healthcare and the economy in a chaotic...

David Attenborough leads call for world to invest to protect nature

British broadcaster David Attenborough led a call from conservation groups on Wednesday for the world to invest $500 billion a year to halt the...

Meghan loses latest court battle with UK tabloid newspaper

Meghan, Britain's Duchess of Sussex, has lost the latest skirmish in her privacy lawsuit against a tabloid newspaper, after London's High Court ruled on...

Armenia’s defence ministry says warplane shot down by Turkish F-16 fighter jet

A Turkish F-16 fighter jet shot down an Armenian SU-25 warplane over Armenian territory on Tuesday, killing the pilot, an Armenian defence ministry spokeswoman...

Greek, Italian and French officials to hold talks with Petrides during visits

Greek Minister of National Defence Nikos Panagiotopoulos, accompanied by the Chief of the Hellenic National Defence General Staff Konstantinos Floros, Chief of Defence Staff...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...