Cyprus Q4 growth revised up to 2.5%

The Cyprus Statistical Service has revised up its initial estimate for real GDP growth in the fourth quarter of 2.5% from an initial flash estimate of 2.1%.
On a seasonally and working day adjusted basis, the real GDP growth rate is estimated at 2.6% (up from a flash estimate of 2.2%).
For the whole year 2010, GDP growth rate is estimated at 1.0%, compared with an earlier estimate of 0.9%.
In 2009 real GDP contracted by 1.7% according to the latest data.
The Statistical Service said that the improvement in 2010 was mainly owing to a better in tourism, transport and wholesale and retail trade.
There were “positive results in the broad services sector and financial intermediation (banking), while construction and manufacturing were in decline.