Cyprus recorded increased annual GDP growth of 3.4% in Q3

The Finance Ministry welcomed data showing Cyprus’ economy grew at 3.4% GDP in Q3 2019 for the fifth consecutive year saying it was proof of solid foundations.

In a statement, the Ministry said estimates of Q3 growth rate at 3.4% indicate the economy is continuing to largely grow at a satisfactory rate.

The last time Cyprus recorded negative GDP growth was in Q3 2014.

The fifth annual consecutive positive growth rate of the Cypriot economy, which is also among the highest growth rates in the EU, indicates that the economy is based on a solid foundation, the Finance Ministry said.

According to the official data, based on seasonally and working-day adjusted data GDP growth rate in real terms during Q3 2019 is estimated at 3.4%, an increase over the 3.2% recorded in the same quarter of 2018.

On a quarterly basis, the GDP growth slowed in July-September to 0.4% from 1% in Q2 2019.

The increase of the GDP rate in Q3 is mainly attributed to the sectors of Construction, Information and Communication, Professional, scientific and technical activities, Administrative and support service activities and Arts, Entertainment and Recreation.

Negative growth was recorded in Financial and Insurance Activities.

Source: The Financial Mirror