Cyprus GDP growth accelerates to 4.3% in third quarter

Early quarters revised up

 

Real GDP growth in Cyprus accelerated in the third quarter of 2007, rising by 4.3% compared with the same period of 2007 according to “flash” estimated based in initial data.

A full breakdown of GDP will be published in a few weeks’ time, which will show in detail what has been driving growth.

The Statistical Service Cystat noted that the increase is mainly down to financial intermediation, wholesale and retail trade, hotels and manufacturing activities.

 

 

First half revised up

At the same time, the Statistical Service revised up its growth rates for the first and second quarters.

The first quarter was revised up to 4.1%, from 4.0%, while the second quarter was revised to 3.8% from 3.6% previously.

As part of its regular practice Cystat has also produced a thorough revision of all GDP numbers going back to 2002.

Fiona Mullen