The Cyprus economy expanded by 3.3% year on year on seasonally adjusted data, marking the highest quarterly growth since the financial crisis of 2013, according to a flash estimate released today by Cystat, Cyprus’ statistical service.
Cyprus has been posting growth rate for eight consecutive quarters.
According to Cystat, the GDP growth rate in real terms during the first quarter of 2017 is estimated at 3.4% over the corresponding quarter of 2016. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3.3%.
Growth is mainly attributed to the sectors of “Hotels and Restaurants,” “Retail and Wholesale Trade,” “Construction” and “Manufacturing.” The Financial Service Activities continue to have negative effects on the economy, Cystat added.