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Cyprus

Economy continues to grow for fifth consecutive year

Harris Georgiades

Finance Minister Harris Georgiades said on Wednesday that the economy has continued to grow for the fifth consecutive year.

In a written statement, the minister said the growth of the Cypriot economy remains strong at 3.4 per cent during the first three months of 2019 and 3.2 per cent for the second three months.

In response to the government’s critics, Georgiades said “this is how opportunities and job positions are created and this is our response to populists and nihilists.”

But according to the minister there is no room for complacency since “despite significant progress in recent years, there are still internal weaknesses and external risks.”

That is why, he said, “we must continue our efforts with responsibility and credibility.”

The announcement comes after the latest flash estimate by Eurostat, according to which, seasonally adjusted GDP rose by 0.2 per cent in both the Euro area (EA19) and in the EU28 and by 0.7 per cent in Cyprus during the second quarter of 2019, compared with the previous one.

Seasonally adjusted GDP rose by 1.1 per cent in the Euro area by 1.3 per cent in the EU28 and by 3.2 per cent in Cyprus in the second quarter of 2019, after +1.2per cent, +1.6per cent, and 3,5per cent respectively in the previous quarter, Eurostat said.

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