The Cyprus Statistical Service Cystat revised up real GDP growth in the fourth quarter on Friday.
Real GDP growth on a seasonally adjusted basis is now reported at 0.7% compared with the previous quarter and 2.9% compared with the same period of the previous year.
In the flash estimate produced last month, seasonally adjusted growth was estimated at 0.5% quarter on quarter and 2.8% year on year.
On a non-seasonally adjusted basis, Cystat reported that real GDP expanded by 3% compared with the same period of the previous year—the same as the flash estimate.
Cystat said that the increase in the fourth quarter is mainly attributed to the following sectors: hotels and restaurants, professional, scientific and technical activities, retail and wholesale trade, manufacturing, and construction.
A negative growth rate was recorded in financial service activities.
Cystat has not yet officially published its estimate for the whole of 2016 but it is expected to be in the region of 2.8%.