Cyprus Mail

Q3 growth rate affirmed at 2.9%, Cystat says

Cyprus’s economy expanded an annual 2.9 per cent in the third quarter and 0.7 per cent 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 per cent, compared with the respective period of 2015, Cystat said in a statement on its website on Friday. A November 15 preliminary estimation saw the seasonally-adjusted growth rate in the third quarter at 2.8 per cent.

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.

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