Economy grows 3.8% in Q1, Cystat says

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By Stelios Orphanides

The Cypriot economy expanded 3.8 per cent in the first quarter of the year compared to the respective period last year, the statistical service said, citing a flash estimate.

Economic growth in the first three months of the year was also a seasonally adjusted 3.8 per cent, Cystat said in a statement on its website on Tuesday.

The economy grew mainly on increased output in the hospitality sector, retail and wholesale, construction, manufacturing, professional, scientific and technical activities, and administrative and support activities, Cystat said.

According to Cystat’s initial –and later confirmed — estimates, the economy expanded in the previous quarter and in the first quarter of 2018 an annual 3.9 per cent and 3.8 per cent respectively.

 

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