Cyprus economy still resilient in the third quarter

The Cyprus economy was still resilient in the third quarter, rising by 0.6% on a seasonally adjusted basis compared with the previous quarter according to the “flash” estimate from the Statistical Service.
Although this was the slowest pace of growth seen for almost four years, it easily outpaced the eurozone, where the economy in many countries has started to contract.
Compared with the same period of the previous year, growth in the third quarter of 2008 slipped to 3.5%, compared with 3.9% in the second quarter, 4.1% in the first quarter and a peak of 4.6% in the first quarter of 2007.
The Statistical Service reported that the deceleration was mainly attributed to construction, hotel and restaurant activities, financial intermediation and real estate activities.
A full breakdown of national accounts will be published in a few weeks.

Fiona Mullen