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Cyprus GDP growth up 0.9% in Q2

 

The economy of bailed-out eurozone member Cyprus recorded 0.9 percent growth in second quarter figures, official data showed on Friday.

GDP grew 0.9 percent in the second quarter of 2017, marginally down on the one percent in the previous three months (January-March) and 0.8 percent in the quarter before that, Cyprus’ statistical service said.

The estimate showed it was the tenth consecutive quarter in positive territory and the last time GDP was in decline was Q2 2014.

Second-quarter growth (seasonally adjusted) was up 3.5 percent from a year earlier but lower than the 3.7 percent in the first quarter of 2017.

The statistical service figures showed growth in manufacturing, construction, trade, hotels and restaurants.

There was negative growth in financial and insurance activities.

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Cyprus has recovered from a crippling financial crisis after the government imposed harsh austerity measures in exchange for a European Union and International Monetary Fund bailout four years ago.

In return for 10 billion euros ($13 billion at the time), Cyprus agreed in March 2013 to wind down its second-largest bank, Laiki, and impose losses on depositors in under-capitalised top lender Bank of Cyprus.

Cyprus’ GDP growth for 2016 was 2.8 percent and a similar growth rate is expected for 2017 buoyed by an anticipated increase in tourism revenue.

The holiday island’s economy has been boosted by a record tourist arrivals and income from tourism.

 

 

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