Cyprus Mail

Economy grows 2.5% in Q4, 1.6% in 2015

Cyprus’s economy grew 2.5 per cent in the fourth quarter of 2015 compared to a year before, which is higher than the 2.4 per cent flash estimate announced on February 12, the statistical service said.

The Cypriot economy, which returned to growth last year after contracting for 14 consecutive quarters, grew in October to December a seasonally adjusted 2.7 per cent compared to the respective quarter of 2014, Cystat said in a statement on its website on Thursday. In 2015, the economy grew 1.6 per cent.

In the fourth quarter, economic expansion resulted from increased activity in hotels and restaurants, professional, scientific and technical services, retail and wholesale trade, manufacturing, construction, transport as well as financial intermediaries, Cystat said.

The economy grew in the fourth quarter 0.4 per cent compared to the quarter before, according to the Cystat statement.

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