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Economy’s upturn opens way for changes that will improve the country, says Spokesman

November 15, 2018 at 7:52am

Government Spokesman Prodromos Prodromou said on Wednesday that the positive course of the economy creates prospects for the implementation of policies and changes that would further improve the country.

On Wednesday the Statistical Service of Cyprus reported that the GDP growth rate in real terms during the third quarter of 2018 was positive and was estimated at 3.6% over the corresponding quarter of 2017.

As a result, said Prodromou, the average growth rate between January and September 2018 stands at 3.9%.

“By exploiting our people’s industriousness and entrepreneurship, the Government’s policy has resulted to a continuous high growth rate of the economy” he noted.

Prodromou said it was the 15th consecutive quarter of positive growth rate since the beginning of 2015 and that the Cypriot economy registers one of the highest growth rates in the EU, according to the reports of the European Commission.

“This positive course, resulting from the efforts and the dutifulness of the Cypriot people, confirms the strategic direction of the Government and, most importantly, creates the prospects for policies and further changes that ensure a course that constantly improves our country” the Spokesman remarked.

Cypriot GDP up by 0.2%, says Eurostat

Seasonally adjusted GDP rose by 0.2% in the euro area (EA19), by 0.3% in the EU28 and by 0.7% in Cyprus during the third quarter of 2018, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union.

In the second quarter of 2018, GDP had grown by 0.4% in the euro area, by 0.5% in the EU28 and by 0.8% in Cyprus.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.7% in the euro area, by 1.9% in the EU28 and by 3.6% in Cyprus in the third quarter of 2018, after +2.2%, +2.1% and 4.0% respectively in the previous quarter.

During the third quarter of 2018, GDP in the United States increased by 0.9% compared with the previous quarter (after +1.0% in the second quarter of 2018). Compared with the same quarter of the previous year, GDP grew by 3.0% (after +2.9% in the previous quarter).

Meanwhile the number of persons employed increased by 0.2% in both the euro area (EA19) and the EU28 in the third quarter of 2018 compared with the previous quarter. In the second quarter of 2018, employment increased by 0.4% in both the euro area and the EU28. Compared with the same quarter of the previous year, employment increased by 1.3% in the euro area and by 1.2% in the EU28 in the third quarter of 2018 (after +1.5% and +1.4% respectively in the second quarter of 2018).

Finally, according to Eurostat, in September 2018 compared with August 2018, seasonally adjusted industrial production fell by 0.3% in the euro area (EA19) and by 0.2% in the EU28. In August 2018, industrial production rose by 1.1% in the euro area and by 0.8% in the EU28. In September 2018 compared with September 2017, industrial production increased by 0.9% in the euro area and by 1.1% in the EU28.

Industrial production in Cyprus increased by 0.4% and 3.2% in montly and annual basis respectively, for August 2018 (latest available data).

Read more:

EU forecast: Cypriot economy to continue growing; UK the smallest growth in EU