ECONOMY: Cyprus GDP growth rate confirmed at 3.9% for Q2

Cyprus’ economy expanded by 3.9% in three-month period May-July, racking up fourteen quarters of consecutive growth.

Compared with the previous quarter of 2018, GDP expanded by 0.8% compared with 1.0% in Q1, while based on seasonally and working day adjusted data, annual GDP growth rate in real terms is estimated at 3.9%.

GDP growth rate is mainly attributed to hotels and restaurants, trade, construction, manufacturing, scientific and technical activities and support services, Cystat said.

However, the Financial and Insurance sector had negative growth.

Furthermore, Cystat revised National Accounts for 2016-2017.

According to the revised figures, economic growth in real terms is estimated at 4.8% for 2016 and 4.2% for 2017 (from 3.4% and 3.9% respectively).

In nominal terms, Cyprus GDP for 2017 is calculated at €19.57 mln marking a 5.8% GDP growth year on year, while in constant prices Cypriot GDP in 2017 is calculated at €19.48 million marking 4.2% growth in real terms.

“The revision for 2016 is due to the incorporation of the data of the annual economic surveys, while for 2017 it is due to the revision of the short-term economic indicators,” Cystat said.