Cypriot economic growth slows down in second quarter

NICOSIA (Reuters) – Cypriot economic growth decelerated to 3.5 percent year-on-year in the second quarter from 3.8 percent in Q1 due to slowing performances in construction, trade and financial services. On a quarter-on-quarter basis, GDP expanded by 0.7 percent, compared to a seasonally adjusted 1.3 percent in the first quarter. «GDP growth is attributed to the positive, but decelerating compared to first quarter, performances that were continued by activities of construction, wholesale and retail trade, financial services and transport and communications,» the statistics department said. The government’s growth outlook for all of 2005 is 3.9 to 4.0 percent.