By Stelios Orphanides
Cyprus’s economy expanded in July to September an annual 3.8 per cent and a quarterly 0.9 per cent, the statistical service said citing a flash estimate.
In the third quarter, economic output rose a seasonally adjusted 3.9 per cent, as much as it did in the second quarter, Cystat said in a statement on its website on Tuesday.
The economic growth in the third quarter was on increased output in the sectors of hotels and restaurants, retail and wholesale trade, construction and manufacturing, partly offset by a slowdown in financial and insurance activities, Cystat said.
The Cypriot economy expanded in the first and second quarter of 2017 an annual 3.8 per cent and 4 per cent respectively which Cystat subsequently revised in both cases to 3.6 per cent. The finance ministry revised its previous economic growth forecast to 3.5 or more this year from a previous 3 per cent.