Cyprus’ economy records strongest growth rate since 2008 in Q2

The economy of Cyprus grew for the sixth consecutive quarter between April and June, the Statistical Service said on Thursday.

The GDP growth rate in real terms during the second quarter of 2016 is positive and estimated at +2.9% over the corresponding quarter of 2015.

This is the strongest growth rate of the Cypriot economy since the third quarter of 2008, when the growth rate stood at 3.4% of the GDP.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at +2.7%.

The increase of the GDP growth rate is mainly attributed to the sectors: “Hotels and Restaurants”, “Professional, Scientific and Technical Activities”, “Retail and Wholesale Trade”, “Manufacturing”, “Construction” and “Transport”.

Negative growth rates were recorded by the sectors of financial service activities.

Source: Cyprus News Agency