Economy grows 3.6% in Q2, Cystat says

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By Stelios Orphanides

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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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Alexander Reuterswärd

    interesting, 3.6% ia a very high number and it should make businesses very optimistic, but:

    From article the 30th of August:
    The economic sentiment indicator dropped in August by seven points to 110.9, the lowest since October mainly on more pessimism in the services sector, including banks and hotels, the University of

    so very contradicting and i would beleive the actual businesses much more than Cyprus statistical department.

    • Cydee

      Have actuallt stopped reading Cystat postings: too frequent. Once-a-year would be a better indicator – second to (as you say) what’s happening in the business-sector.

  • AnalogMind

    Compared to Greece which only grew by 0.5% in Q2, Cyprus is flying high.