Research Center
Cyprus Economy

ECONOMY: Cyprus GDP growth estimated at 3.7% in Q3

07 December, 2018

Cyprus’ economy expanded by 3.7% in the third quarter, racking up 15 quarters of consecutive growth, official data showed Friday.

This is an upward 0.1% upward revision from the flash estimate issued last month.

Compared with the previous quarter, GDP grew by 0.8% in Q3 2018, the3 same rate as in Q2, while based on seasonally and working day adjusted data, annual GDP growth rate in real terms is estimated at 3.7%.

The annual growth rate was down from the 4% GDP recorded in Q2 (April-June).

GDP growth rate is mainly attributed to hotels and restaurants, trade, construction, manufacturing, transport, scientific and technical activities and support services, Cystat said.

However, the Financial and Insurance sector had negative growth.

“For the nine months of 2018 GDP growth is at 3.9% and remains among the highest rates in the euro area,” said a Finance Ministry tweet.