NICOSIA, Aug. 14 (Xinhua) -- The Cypriot government expects an economic growth of over 4 percent in 2018, above the previous official projection of 3.9 percent, a statement from the Statistical Service of Cyprus said on Tuesday.
In a flash estimate, the Cypriot statistics agency said "the GDP growth rate in real terms during the second quarter of 2018...is estimated at 3.9 percent over the corresponding quarter of 2017".
A government spokesman said in a statement that given the second quarter growth "in combination with a 4.0-percent growth rate during the first quarter and the seasonal variation of economic activity, it is realistic to expect a growth rate of more than 4.0 percent for the whole year 2018."
Finance Minister Harris Georgiades commented that the growth was the result of bold decisions and a collective effort by productive forces.
He also said that moves in the banking sector had secured three consecutive upgrades by rating agencies, leading Cyprus just below investment grade.