articles | 08 September 2017

Economy grows 3.6% in Q2 2017

Cyprus’ economy expanded an annual 3.6% in Q2 2017 compared to the respective quarter last year, and a seasonally adjusted 3.5% on a boost from tourism, trade, and construction, the statistical service said.

Compared to the first quarter, the economy grew 0.9% in April to June, Cystat said in a statement on its website on Friday, confirming a September 14, flash estimate.

Wholesale and retail trade, transport and warehouses, and the hospitality industry saw their output rise an annual 5% in the second quarter, followed by construction with a 17% increase, and public administration, education, and healthcare and welfare services with a 2.8% increase in output, Cystat said.

Companies in the financial andinsurance services sector saw their overall output drop an annual 2.4%, Cystat said.

Source: Cyprus Mail

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