Cyprus grows at fastest pace since 2008

Cyprus recorded its fastest pace of growth since 2008 in Q4 2015, with real GDP rising by 2.5% year on year, or by 2.7% on a seasonally adjusted basis.

This followed seasonally adjusted growth of 2.3% in the third quarter of 2015.

The fourth-quarter expansion produced a real GDP growth rate for the full year of 1.6% according to Sapienta Economics calculations.

However, while GDP expanded in real terms, deflation meant that the economy barely budged at current prices.

Current-price or nominal GDP for the whole of 2015 was recorded by Cystat at €17,421 million (€17.42bn), up only €27 million from the €17,394 million recorded in 2014.

Cystat said that growth in GDP was mainly attributed to hotels and restaurants, professional, scientific and technical activities, retail and wholesale trade, manufacturing, construction, transport, as well as financial service activities.

Source: InCyprus