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Cyprus

Economy grows 2.7 per cent in Q2

The Cypriot economy grew 2.7 per cent year-on-year in the second quarter of 2016, according to a flash estimate published by the statistical service on Friday.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 2.7 per cent, the service said.

Compared with the previous quarter, the economy grew 0.7 per cent. In the first quarter, the economy grew by one per cent.

Finance Minister Harris Georgiades voiced satisfaction, adding that the growth rate “confirms our economy’s positive prospects and the effectiveness of the economic policy in recent years.”

The minister warned that growth prospects should not be undermined by returning to the irresponsible practices of the past.

“On the contrary, it should be safeguarded and strengthened through the unwavering and responsible continuation of the effort,” he said in a written statement.

The rise in the growth rate is mainly attributed to the sectors of hotels and restaurants, professional, scientific and technical activities, retail and wholesale trade, manufacturing, construction, and transport.

Negative growth rates were recorded by financial service activities.

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