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ECONOMY

Cypriot Economy Grew By 3.8% of GDP in the First Quarter Of 2018

Cypriot Economy Grew By 3.8% of GDP in the First Quarter Of 2018

Cyprus growth rate in the first quarter of 2018 ending in March 31 reached 3.8% year on year, maintaining the momentum from 2017 where growth rate amounted to 3.9%, date released by the Cyprus Statistical Service (Cystat) show.

The Cypriot GDP growth for the first half is in line with the medium-term projections issued by the Finance Ministry over a 3.8% growth rate throughout the year.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 3.8%, Cystat added.

The growth rate is mainly attributed to the sectors: "Hotels and Restaurants", "Retail and Wholesale Trade", "Construction", "Manufacturing", "Professional, scientific and technical activities" and "Administrative and support service activities,” Cystat said.

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