According to data released by the Cyprus Statistical Service, the GDP for 2019 is estimated at €21.9 billion at current prices compared to €21.14 billion in 2018.
Cyprus’ economy grew by 0.8% in the fourth quarter of 2019, compared to the previous quarter. It has been five years since the economy retreated into negative territory.
Construction contributed €1.52 billion to GDP increasing by €180.5 million compared to 2018.
The wholesale and retail sector, which includes hotels and restaurants, recorded an increase of 2.7% compared to the previous year. This sector’s contribution to the economy rose to €4.6 billion from €4.5 in 2018.
In 2019 revenue from tourism is estimated at €2.6 billion compared to €2.7 billion in the corresponding period of 2018, recording a decrease of 1%.
In December alone revenue from tourism reached €54.6 million from €56,4 million in the same month of the previous year, recording a decrease of 3.2%.
Expenditure per person for December dropped to €494.67 compared to €528.95 in the same month of the previous year, recording a decrease of 6.5%.
Expenditure per person/per day for December decreased by 1.2% (from €56.88 to €56.21).
A decline of 5,4% was also recorded in the average length of stay, from 9.3 days in December 2018 to 8.8 days in December 2019.
Public administration’s contribution to economic growth rose by €99.3 million to €3.9 billion.
On the other hand, financial and insurance activities saw a negative growth of €75 million.
The sector of professional, scientific and technical activities contributed €1.9 billion from €1.82 billion.
In addition to banks, the mining and quarrying sector also had a reduced contribution to economic growth.
Source: Financial Mirror