Cyprus GDP growth up at 3.7%

The GDP growth rate in real terms during the second quarter of 2006 is estimated at 3,7% over the second quarter of 2005, the Statistics Service reported.

In the first quarter, GDP was up 3.3% Y/Y, while the Q2 GDP compared to Q1 2006 showed an acceleration of 1% QoQ basis.

Indicative indices on the performance of various economic activities during the second quarter of 2006 compared to the corresponding quarter of 2005 are: production volume index of manufacturing -2.1%, tourists arrivals +2.6%, tourism revenue +8.3%, building permits in sq.m. +5.9% (Jan.-May), wholesale and retail trade turnover value index +8.2%, telecommunications index +2.8%, air transport index +6.7%, production volume index of electricity +7.8%, financial intermediation services +19.4%, imports of goods +22.1%, exports of goods -10.9%, registration of private saloon cars +0.5%.