The economy of Cyprus expanded 2.7 percent year-on-year in the second quarter of 2016, the same pace as in the previous quarter, flash estimates showed.
Main contributors to the growth were hotels and restaurants; professional, scientific and technical activities; retail and wholesale trade; manufacturing; construction and transport. In contrast, financial service activities and household activities shrank.
Quarter-on-quarter, GDP expanded 0.7 percent from and 0.9 percent in three months to March.
GDP Annual Growth Rate in Cyprus averaged 1.34 percent from 2001 until 2016, reaching an all time high of 5.50 percent in the fourth quarter of 2007 and a record low of -6.50 percent in the second quarter of 2013.
Image credits: Sergey Galyonkin