Economy grows 3.8% in Q1 2018

The Cypriot economy expanded 3.8% in the first quarter of 2018 compared to the respective period last year, the statistical service said, citing a flash estimate.

Economic growth in the first three months of the year was also a seasonally adjusted 3.8%, Cystat said in a statement on its website recently.

The economy grew mainly on increased output in the hospitality sector, retail and wholesale, construction, manufacturing, professional, scientific and technical activities, and administrative and support activities, Cystat said.

According to Cystat’s initial –and later confirmed — estimates, the economy expanded in the previous quarter and in the first quarter of 2018 an annual 3.9% and 3.8% respectively.

Source: Cyprus Mail