Cystat revises 2016 growth rate to 3%

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By Stelios Orphanides

Cyprus’s economy, the euro area’s second smallest, expanded by 3 per cent in real terms last year, 0.2 points higher than the forecasted 2.8 per cent announced in March, the statistical service said.

In nominal terms, last year’s economic output rose an upwards-revised 2.1 per cent to €18.1bn, compared to an initial estimate of 1.5 per cent, Cystat said in a statement on its website on Tuesday.

Cystat also revised the 2015 real growth rate to 2 per cent from a previous 1.7 per cent.

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