GDP growth rate estimated at +3.9%

GDP growth rate during the second quarter of 2018 is positive and estimated at 3.9%.

According to the Flash Estimate compiled by the Statistical Service, the GDP growth rate in real terms during the second quarter of 2018 is positive and is estimated at +3.9% over the corresponding quarter of 2017.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at +3.9%.

In a written statement commenting the Statistical Service’s data, Finance Minister Harris Georgiades said that the economy’s sound  growth is a result of the productive forces’ hard work, while constituting a confirmation that through hard decisions “Cyprus remains on a track of stability and positive prospects.”

“It is our duty, collectively and responsibly, to continue the effort,” he stressed.

The increase of the GDP growth rate is mainly attributed to the sectors: "Hotels and Restaurants", "Retail and Wholesale Trade", "Construction", "Manufacturing", "Professional, scientific and technical activities" and "Administrative and support service activities".

Negative growth rate was recorded at the sector of "Financial and Insurance Activities".