The growth of the economy by 3, 6%
The static service of Cyprus CyStat said that in the second quarter, the economy of the island improved by 3.6%. The economy of Cyprus began to improve due to the activities of hotels and restaurants, retail and wholesale trade. Construction and production also have a positive impact on the growth of data. The financial sector showed negative growth. Cyprus Finance Minister Harris Georgiades is satisfied with this development and stressed that the improvement has been observed for nine consecutive quarters. Georgiades noted that the applied efforts of citizens were not in vain and show good results. Joint activities of the island’s economy rises. The GDP growth (gross domestic product) of the last quarter corresponds to the initial growth estimate in the first quarter. After the initial assessment was reduced to 3.4%. In the second quarter, the growth rate was 3.5% (seasonally adjusted). In April 2017, the Ministry of Finance forecasted an acceleration of economic growth in 2017 to 2.9%, while last year’s growth was 2.8%.