According to the Flash Estimate compiled by the Statistical Service, the GDP growth rate in real terms during the third quarter of 2016 is positive and is estimated at +2.9% over the corresponding quarter of 2015. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at +2.8%.
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 rate was recorded by the sector “Financial Service Activities”.
Source: Republic of Cyprus, Ministry of Finance, Statistical Service