ECONOMY: Cyprus GDP grew by 3.2% in Q3 2019

Cyprus’ economy expanded by 3.2% in the third quarter of 2019 on an annual basis, racking up 19 quarters of consecutive growth, official data showed Thursday.

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Compared with the previous quarter, GDP grew by 0.7% in Q3 2019, the same rate as Q2, while based on seasonally and working day adjusted data, annual GDP growth rate in real terms is estimated at 3%.

The annual growth rate was slightly down from the 3.1% GDP recorded in Q2 (April-June).

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

However, Financial and Insurance activities had negative growth.

The Finance Ministry tweeted that the Cyprus economy “remains strong” according to the data.

Seasonally adjusted GDP rose by 0.2% in the euro area (EA19), by 0.3% in the EU28 during Q3 2019 compared with the previous quarter.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.2% in the euro area and 1.3% in the EU28.