NICOSIA, July 12 (Xinhua) -- Cyprus's economy posted a 3.8 percent year-on-year growth in the first quarter of 2018, after expanding by 3.9 percent in 2017, according to EU statistics.
Pierre Moscovici, European commissioner for economic and financial affairs, said in his summer interim economic forecast released on Thursday that Cypriot growth was driven by solid domestic demand, exports and improved consumer sentiment.
He also said that business confidence across major sectors either increased or levelled off, suggesting continued momentum in the coming quarters.
His report said that the composition of growth shifted somewhat in early 2018, with investment falling after breaking a historic high, goods exports more than doubling compared to the previous quarter and shipping sector activity being at the heart of these pronounced changes.
The European Commission projected Cyprus GDP to grow by 3.6 percent in 2018 and 3.3 percent in 2019.