14/08/2017 16:53
Cyprus’ GDP grew by 3.6% in real terms during the second quarter of 2017, compared to the corresponding quarter of 2016. According to a Flash Estimate by the Statistical Service, the GDP growth rate in real terms is estimated at 3.5% based on seasonally and working day adjusted data.
Finance Minister Harris Georgiades says the results reflect “the economy’s strong growth” and notes in a written statement that for yet another quarter, growth is detected in all productive sectors. Public finances remain “under control”, he adds.
The Statistical Service says the increase of the GDP growth rate is mainly attributed to "Hotels and Restaurants", "Retail and Wholesale Trade", "Construction", and the "Manufacturing" sectors. Negative growth rate was recorded in the "Financial and Insurance Activities" sector.
“Our economy’s strong growth, surpassing eventually 3.5% of GDP, creates new prospects for our fellow citizens and our country” notes Georgiades. He adds that not all difficulties have been tackled, but lost ground is being covered steadily.
Growth in essentially all productive sectors is recorded without resorting to reckless pubic spending or excessive lending, the Minister says.
He refers, moreover, to a series of measures in support of households and businesses, such as tax cuts, the reduction of lending rates and the financing schemes for small and medium enterprises.
“Public spending is under control, without any deviation from the balanced budget and allows for the promotion of new public projects” in addition to local or foreign private investments in various areas, Georgiades says.
Other measures the Minister mentions include the tax incentives given to innovative businesses, investment in research and increasing flight connectivity in support of tourism. He also says that there are opportunities in the country’s ports and in the energy sector. Unemployment is now falling under 11% and social policy is targeting those really in need, the Minister adds.
He concludes by saying that “this great, collective effort is bearing fruit” and “vindicates the efforts and sacrifices of our fellow citizens”.
According to the data from the Statistical Service, seasonally adjusted GDP grew by 0.9% in the second quarter of 2017, compared to the previous quarter. During the first quarter of 2017, the same data show that GDP grew by 3.6% compared to the same quarter of 2016, while the seasonally adjusted GDP grew by 3.7%
Finance Minister Harris Georgiades says the results reflect “the economy’s strong growth” and notes in a written statement that for yet another quarter, growth is detected in all productive sectors. Public finances remain “under control”, he adds.
The Statistical Service says the increase of the GDP growth rate is mainly attributed to "Hotels and Restaurants", "Retail and Wholesale Trade", "Construction", and the "Manufacturing" sectors. Negative growth rate was recorded in the "Financial and Insurance Activities" sector.
“Our economy’s strong growth, surpassing eventually 3.5% of GDP, creates new prospects for our fellow citizens and our country” notes Georgiades. He adds that not all difficulties have been tackled, but lost ground is being covered steadily.
Growth in essentially all productive sectors is recorded without resorting to reckless pubic spending or excessive lending, the Minister says.
He refers, moreover, to a series of measures in support of households and businesses, such as tax cuts, the reduction of lending rates and the financing schemes for small and medium enterprises.
“Public spending is under control, without any deviation from the balanced budget and allows for the promotion of new public projects” in addition to local or foreign private investments in various areas, Georgiades says.
Other measures the Minister mentions include the tax incentives given to innovative businesses, investment in research and increasing flight connectivity in support of tourism. He also says that there are opportunities in the country’s ports and in the energy sector. Unemployment is now falling under 11% and social policy is targeting those really in need, the Minister adds.
He concludes by saying that “this great, collective effort is bearing fruit” and “vindicates the efforts and sacrifices of our fellow citizens”.
According to the data from the Statistical Service, seasonally adjusted GDP grew by 0.9% in the second quarter of 2017, compared to the previous quarter. During the first quarter of 2017, the same data show that GDP grew by 3.6% compared to the same quarter of 2016, while the seasonally adjusted GDP grew by 3.7%