Cyprus GDP growth confirmed at 4.4% in 2007

Financial and real estate up 8%

 

Real GDP in Cyprus rose by 4.3% year on year in the fourth quarter of 2007 compared with the fourth quarter of 2006, and by 4.4% for the whole year, according to the latest figures from the Statistical Service Cystat.

The official release was therefore unchanged from the flash estimates published in February.

Cystat reported that from the supply side, the main stimulus to growth in real terms was provided by:

financial intermediation & real estate activities (+8.0%);

construction (+5.0%); and

wholesale & retail trade, hotels & restaurants, transport & communications (+4.1%). From the demand side, Cystat said that the expenditure with the biggest positive impact on growth was made mainly in the form of private consumption expenditure (+6.2%) and the gross fixed capital formation (+6.3%).