Cyprus’ economy grows 2.7% in fourth quarter of 2015

Τhe GDP growth rate of Cyprus economy rose to its highest level in recent years in the fourth quarter of 2015, according to figures released Thursday by the Statistical Service of Cyprus.

Τhe GDP growth rate in real terms during the fourth quarter of 2015 is estimated at 2.5% over the corresponding quarter of 2014. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 2.7%. Growth in the eurozone in the fourth quarter of 2015 was 1.6% and the 1.8% in the EU 28.

This is the highest growth rate recorded in Cyprus since 2008.

On a quarterly basis GDP grew in the fourth quarter of 2015 by 0.4% compared with the third quarter. The average growth rate for 2015 reached 1.6%.

The increase of the GDP growth rates is mainly attributed to the sectors: “Hotels and Restaurants”, “Professional, Scientific and Technical Activities”, “Retail and Wholesale Trade”, “Manufacturing”, “Construction”, “Transport” as well as the “Financial Service Activities”.