Cyprus economy grows by 3.9% in 2nd quarter 2018

Cyprus’ GDP grew by an estimated 3.9% in the second quarter of 2018 compared to the corresponding quarter the previous year, Cystat said on Monday,

It said the increase 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”. 

Furthermore, it said it had revised the national accounts for 2016-2017  based on which the economy grew by 4.8% in 2016 and 4.2% in 2017 (from 3.4% and 3.9%).