Cystat confirmed its flash estimate for an annual 3.4% growth rate in Q1 this year. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3.3%.
The increase of the GDP growth rate is mainly attributed to the sectors: Hotels and Restaurants, Professional, Scientific and Technical Activities, Retail and Wholesale Trade, Manufacturing, and Construction.
Negative growth rate was recorded by the sector Financial Service Activities, Cystat added.
Cyprus’ output in the first three months of 2017 amounted to €4,420 billion in current market prices, of which import duties and VAT amounted to €504.4 million.