Cyprus GDP slows to 3.6% in Q2, estimate

Real GDP growth in Cyprus slowed to 3.6% year on year in the second quarter of 2007, from 4.0% in the first, according to the “flash” estimate produced by the Statistical Service Cystat on August 14.

A flash estimate is based on early results and does not provide a full breakdown of the national accounts.

However, Cystat said that the slowdown was attributable to “transport, hotel and construction activities”.

Compared with the previous quarter and on a seasonally adjusted basis, growth slowed to 0.8%, compared with 1.2% in the first quarter.

If Cyprus manages to maintain this pace of growth in last two quarters of the year, then real GDP growth would reach 3.8% for the full year.

Fiona Mullen