BUSINESS

Cyprus records strong rebound in Q1

TAGS: Cyprus, Economy

The economy of bailed-out eurozone member Cyprus has recorded its strongest quarterly growth in a year, official figures showed on Friday.

Gross domestic product grew 0.9 percent in the first quarter of 2016, compared with 0.4 percent during the October-December period, the country’s statistical service said.

It was the fifth consecutive quarter of expansion and the highest rate since 1 percent growth was seen in the first quarter of 2015.

On a year-on-year basis, GDP was up 2.7 percent.

The figures showed growth in manufacturing, construction, trade, hotels and restaurants, transport and technical activities.

There was a contraction in financial services and household activities.

Finance Minister Harris Georgiades said on Friday that he expected the Cyprus economy to grow by 2.2 percent in 2016 and the island should have a steady 2.5 percent growth rate by 2019.

[AFP]

Online