Cyprus GDP reached Euros 4.42 billion in Q1 2017

Cyprus GDP in absolute prices amounted to Euros 4.42 billion in the first quarter of 2017 according to figures released on Friday by the Cyprus Statistical Service (Cystat).

Cystat confirmed its flash estimate for an annual 3.4% growth rate in Q1 this year. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3.3%.

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”, and “Construction”.

Negative growth rate was recorded by the sector “Financial Service Activities, Cystat added.

Cyprus’ output in the first three months of 2017 amounted to Euros 4,420 in current market prices, of which import duties and VAT amounted to Euros 504.4 million, compared with Euros 4.163.7 million and Euros 493.6 million in the respective period of 2016.

Based on seasonally adjusted data, the Cyprus GDP in Q1 2017 amounted to Euros 4.594.3 compared with Euros 4.361.4 in the first quarter of 2016.

In constant prices the Cypriot GDP in the first three months of 2017 reached Euros 3.883 compared with Euros 3.755.3 million.

Source: Cyprus News Agency