Cyprus chalks up 3.5 pct GDP growth in Q1 2019

Source: Xinhua| 2019-05-16 03:31:59|Editor: Mu Xuequan
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NICOSIA, May 15 (Xinhua) -- The gross domestic product (GDP) of Cyprus grew by 3.5 percent in the first quarter of this year compared with the same period of 2018, Finance Minister Harris Georgiades said on Wednesday, quoting a preliminary report released by the Statistical Service.

He said the economy is projected to remain on a course of stable growth.

The Statistical Service report said that growth was mainly due to the performance of the hotels and restaurants, retail and wholesale trade, manufacturing and scientific and technical sectors.

It also said that the country's financial and insurance sectors have contracted.

The economy of Cyprus returned to growth during the last quarter of 2015, after a contraction that started in 2011, which had deprived the eastern Mediterranean island of access to the international markets and forced it into bailout by the Eurogroup and the International Monetary Fund.

Cyprus' economic growth was 3.9 percent in 2018, according to unofficial data.

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