Cyprus Q1 2016 growth rate accelerates to 2.6%

Cyprus’ economy expanded by 2.6% from January to March 2016, compared with the respective period of 2015, the statistical service said.

The economy grew 0.9% in the first quarter of the year, compared with October to December last year, Cystat said on its website recently.

In the fourth quarter of 2015, the economy expanded an annual 2.5%, Cystat said.

The increased pace of economic expansion in the first quarter resulted mainly from the hospitality sector, professional and technical activities, retail and wholesale trade, manufacturing, construction and transport, Cystat said. Economic activity in the financial services and household activities with employed persons shrank in the first quarter ofthe year.

Source: Cyprus Mail