Cyprus' Q3 2016 growth rate affirmed at 2.9%

Cyprus’ economy expanded an annual 2.9% in the third quarter and 0.7% compared with the previous quarter, the statistical service said, affirming a previous flash estimation.

In July to September, the Cypriot economy grew a seasonally-adjusted 2.9%, compared with the respective period of 2015, Cystat said in a statement on its website. A November 15 preliminary estimation saw the seasonally-adjusted growth rate in the third quarter at 2.8%.

The third quarter economic expansion resulted from increased activity in the hospitality industry, professional scientific and technical activities, retail trade and wholesale, manufacturing, construction, and transport, which more than offset a drop in financial intermediaries as well as information and communication.

Source: Cyprus Mail