articles | 12 February 2016

Cyprus GDP growth at record level

Cypriot economy grew 1.6% in 2015 compared to the year before which was the highest rate in the past seven years”, Finance Minister Harris Georgiades said in a written statement.

According to Georgiades the data shows that Cypriot economy is on the path to recovery and that “the conditions are created for new jobs and new opportunities for our economy”.

“However, remaining focused on our reform policy and on prudent management of public finances is a fundamental prerequisite. We have to refrain from those irresponsible practices of the past which led our country to the verge of collapse” he added.

According to the flash estimate from the Statistical service Cystat, published Friday, quarterly real GDP growth showed to 0.4% in the fourth quarter of 2015 from 0.5% in the third.

However, on a year-on-year basis growth accelerated to a seasonable 2.7% in the fourth quarter from 2.3% in the third.

On a non-seasonally adjusted basis the real GDP growth rate reached 2.4% in the fourth quarter, up from 2.3% in the third.

The increase of the GDP growth rates is mainly attributed to the sectors hotels and restaurants, professional, scientific and technical activities, retail and wholesale trade, manufacturing, construction, transport as well as the financial service activities, Cystat said.

Cyprus is expected to conclude its bailout program in March, three years after was given a €10 billion bailout in 2013 with an adjustment period of three years.

Source: InCyprus

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