Economy expands 4% in Q1, Cystat says

Cyprus-mail / 08-06-2018

Cyprus’s economy expanded 4 per cent in the first quarter of 2018 compared to the respective three-month period last year and 1 per cent compared to the quarter before, the statistical service said.

In January to March, economic output rose a seasonally adjusted 4 per cent compared to the respective period of 2017, Cystat said in a statement on its website.

On May 15, Cystat announced its preliminary estimate of an annual growth rate of 3.8 per cent and a quarterly 0.8 per cent.

The increase in output was in the areas of hotels and restaurants, retail and wholesale trade, construction, manufacturing, professional, scientific and technical activities and administrative and support service activities, Cystat said.