According to an early estimate the Cypriot economy grew 3.9% yoy in Q2 of 2018

According to an early estimate the Cypriot economy grew 3.9% yoy in Q2 of 2018

Finance Minister Harris Georgiades said on Tuesday, August 14 that according to the flash estimate compiled by the Statistical Service, the GDP growth rate in real terms during the second quarter of 2018 is estimated at +3.9% year-on-year.

Georgiades noted that the rise in growth in Q2 was a result of the hard work of the country’s productive forces and “confirmation that through difficult decisions, Cyprus remains on a course of stability and positive prospects.” He added that the unemployment rate has gone below the European average while disposable income, private consumption and investment are gradually rising “while the recent decisive steps as regards our banking system have boosted confidence and led to three consecutive upgrades from rating agencies.”

In-cyprus.com reported that “The increase of the GDP growth rate is mainly attributed to the sectors: ‘Hotels and Restaurants’, ‘Retail and Wholesale Trade’, ‘Construction’, ‘Manufacturing’, ‘Professional, scientific and technical activities’ and ‘Administrative and support service activities’. Negative growth rate was recorded by the sector ‘Financial and Insurance Activities’.”

The competent minister encouraged Cypriots by saying “We ought to continue the effort, collectively and responsibly”…. / IBNA