Cyprus Q1 2016 GDP grows 2.7%

The Cyprus economy grew by 2.6% in the first quarter of 2016, according to a flash estimate compiled by the Statistical Service.

“The GDP growth rate in real terms during the first quarter of 2016 is positive and estimated at +2.6% over the corresponding quarter of 2015,” the Statistical Service said recently.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at +2.7%.

The increase of the GDP growth rate is mainly attributed to the sectors of hotels and restaurants, professional, scientific and technical activities, retail and wholesale trade, manufacturing, construction and transport, said CyStat.

Negative growth rates were recorded by the financial service activities and the household activities with employed persons.

The Cystat data were confirmed by Eurostat, which published its own findings.

It also reported GDP growth rate of 2.7% compared to the same quarter last year.

Source: InCyprus