Economy grows 2.8% in 2016 as per capita income drops 2.4%

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By Stelios Orphanides

Cyprus’s economy expanded 2.8 per cent in 2016, after growing 1.7 per cent in 2015, the statistical service said.

The nominal gross domestic product rose 1.5 per cent last year, to €17.9bn, Cystat said in a statement on its website on Thursday.

As the population grew last year, to 853,100 from 847,700 the year before, per capita income dropped 2.4 per cent in 2016, to €20,233.70, after rising 4.5 per cent, to 20,732.20 in 2015, Cystat said.

 

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: stelios@cyprus-mail.com

  • Philippos

    Economy Grows at 2.8%, Population rises by 1.4% and Per capita Income falls by 2.4%. Cystat attributes the 2.4% Decline to a population increase, I guess that they assume that’s all babies who don’t earn, rubbish of course, but lets follow their thinking. A 1.4% rise in population brought about by economically inactive babies doesn’t represent or cause a 2.8% increase in the economy, nor does it represent the total fall of 2.4% per capita. .Some people are earning less than last year, obviously and let me ask you to guess if they have names like you would see on the front page of “Alithia””, for example?