Finance minister Harris Georgiades said on Monday that the latest preliminary figure of a 3.6 per cent economic growth in the second quarter showed that Cyprus’s recovery is “strong”.
“The ninth consecutive growth quarter and the acceleration to over 3.5 per cent confirms that economic growth is consolidated,” the finance minister said in response to a question in a text. “We are determined to stay the course which has proven many people wrong and contributes to improved prospects for our fellow citizens”.
The Cypriot economy expanded in the second quarter at the same rate as in the first quarter’s preliminary estimate, which was later revised downwards to 3.4 per cent. The seasonally adjusted growth in the second quarter was 3.5 per cent. Compared to January to March, economic activity rose in the second quarter 0.9 per cent, Cystat said.
The increase in economic output resulted from increased activity in the hospitality sector, in retail and wholesale, construction and manufacturing which offset the decline in the financial sector, it added.
“This big collective effort is paying off, justifies our citizens’ sacrifices and shows us the way,” Georgiades said.