NICOSIA, June 9 (Xinhua) -- The Cypriot economy recorded a growth of 4 percent in the first quarter of this year year-on-year, according to latest figures released by the Statistical Service, CyStat.
The expansion of the economy was due to the sectors of hotels and restaurants, wholesale and retail trade, construction, manufacturing and professional and scientific activities, said a CyStat statement.
CyStat said the first quarter rate of growth was above initial estimates.
Initial projections put growth at the end of this year at 3.8 percent, slightly down from last year's 3.9-percent expansion.
Government spokesman Prodromos Prodromou said revised projections for 2018 put growth at an estimated 4.0 percent.
He said that the economy has been on a steady growth path since the beginning of 2015, proving wrong those who predicted an economic calamity after the 2013 bail-out of Cyprus by the Eurogroup and the International Monetary Fund.
