Cyprus Mail

Economy grows 3% in Q3, Cystat says

Cyprus’s economy expanded 3 per cent in the final quarter of 2016 compared to the respective quarter of 2015, the statistical service said.

In October to December, the economy grew a seasonally adjusted 2.9 per cent compared to the respective period of 2015, Cystat said in a statement on its website on Friday.

Compared to July to September, the economy expanded 0.7 per cent in the last quarter of 2016, Cystat said.

In the third quarter, the economy expanded an annual 2.9 per cent.

The acceleration of the growth rate is mainly a result of increased activity in the hospitality sector, in professional, scientific and technical activities, retail and wholesale trade, manufacturing and construction, Cystat said. Activity in the financial services sector on the other hand dropped.

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