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Economy grows 3.9 per cent in Q2 – flash estimate

Cyprus’ economy grew 3.9 per cent year-on-year in the second quarter of the year, according to a flash estimate published by the statistical service on Tuesday.

Based on seasonally and working day adjusted data, GDP the growth rate in real terms is estimated at 3.9 per cent, the service said.

The rise was mainly driven by hotels and restaurants, retail and wholesale trade, construction, manufacturing, professional, scientific and technical activities, and administrative and support service activities.

Finance Minister Harris Georgiades said the rise in growth in Q2 was a result of the hard work of the country’s productive forces and “confirmation that through difficult decisions, Cyprus remains on a course of stability and positive prospects.”

The minister said unemployment has dropped below the European average, disposable income, private consumption and investment are gradually rising, while recent decisive moves in the banking sector have bolstered confidence leading to three consecutive upgrades by rating agencies.

“We ought to continue the effort, collectively and responsibly,” Georgiades said.

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