GDP growth at 3.1% in Q4

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The rate of growth of the Cyprus economy during the fourth quarter of 2004 increased by 3.1% year-on-year compared to the same quarter in 2003, according to the Department of Statistics.

This is attributed to the positive performances that continued to be exhibited by the activities of construction, wholesale and retail trade and repair of motor vehicles, the real estate, financial services and transport and communications.

On a quarter-to-quarter basis, the GDP rate of growth was 1.0% on a seasonally adjusted basis.

After recording an increase of 3.7% y/y in the Q1, the GDP growth rate expanded to 4.1% in the Q2, to 4.0% in the Q3 and then fell to 3.1% in the Q4.