Cyprus GDP grew by 3.5% in Q3 2008

Gross Domestic Product in Cyprus grew by 3.5% in the third quarter of 2008, by comparison to the corresponding period of last year, according to estimates by CyStat, the Cyprus Statistical Service.

According to a press release issued here today by CyStat, the deceleration of the GDP growth rate is mainly attributed to a slowdown in the sectors of Construction, Hotel end Restaurant, Financial Intermediation and Real Estate. An increase was recorded in the Services’ Activities.

As far as demand is concerned, Gross Fixed Capital Formation showed a deceleration of growth, while increases were recorded in Private and Government Consumption Expenditure and Imports.

During the second quarter of 2008, the GDP growth rate reached 3.9%, and during the first quarter was 4.1%, compared to the corresponding quarters of 2007.