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Cyprus GDP records growth of 3.4% in Q3

09/12/2019 13:59

The Cypriot economy grew by 3.4% in the third quarter of this year on an annual basis, data released by the Cyprus Statistical Service show.

According to the official data the GDP growth rate in real terms during the third quarter of 2019 is estimated at 3.4% over the corresponding quarter of 2018.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3.4%, the Statistical Service says.

The increase of the GDP growth rate is mainly attributed to the sectors: "Construction", "Information and Communication" , "Professional, scientific and technical activities", "Administrative and support service activities" and "Arts, Entertainment and Recreation".

On the other hand, a negative growth rate was recorded by the sector "Financial and Insurance Activities".

The fifth consecutive annual positive growth rate shows that the Cypriot economy is based on a solid foundation, the Finance Ministry has said.

In a press release, the Ministry comments on the Statistical Service`s estimates on this year`s third quarter growth rate of 3.4%, noting that "they indicate that the economy is continuing to largely grow at a satisfactory rate."

"The 5th annual consecutive positive growth rate of the Cypriot economy, which is also among the highest growth rates in the EU, indicates that the economy is based on a solid foundation," the Finance Ministry says.