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Economy grows 3.6% in Q2, Cystat says

Cyprus’s economy expanded an annual 3.6 per cent in the second quarter of 2017 compared to the respective quarter last year, and a seasonally adjusted 3.5 per cent on a boost from tourism, trade, and construction, the statistical service said.

Compared to the first quarter, the economy grew 0.9 per cent in April to June, Cystat said in a statement on its website on Friday, confirming a September 14, flash estimate.

Wholesale and retail trade, transport and warehouses, and the hospitality industry saw their output rise an annual 5 per cent in the second quarter, followed by construction with a 17 per cent increase, and public administration, education, and healthcare and welfare services with a 2.8 per cent increase in output, Cystat said.

Companies in the financial and insurance services sector saw their overall output drop an annual 2.4 per cent, Cystat said.

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