Local
news | 18 December 2017 | ServPRO Accountants & Consultants

CYPRUS EXPERIENCES ECONOMIC GROWTH

According to the latest report from the Statistical Service of Cyprus, the economy of Cyprus grew by 3.9% in the third quarter of 2017.

The Statistical Service of Cyprus mentioned that:

“Τhe GDP growth rate in real terms during the third quarter of 2017 is positive and estimated at 3.8% over the corresponding quarter of 2016.”

The increase in GDP is mainly attributed to the hotel and restaurants sectors of the economy as well as retail, wholesale trade, construction and manufacturing.

Moreover, the Index of Industrial Production for September 2017 recorded an increase of 5.0% compared to September 2016, reaching 89,5 units.

Based on the report of the Cyprus Statistical Service, the index recorded an increase of 7.1% for the period January – September 2017 as compared to the corresponding period of the previous year.

The Index for Manufacturing for September 2017 recorded an increase of 4.9% compared to September 2016, reaching 84,3 units.

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