Cypriot Economy Grew By 3.9% in Q3

15/11/2017
The economy of Cyprus grew by 3.9% in the third quarter of the year, Finance Minister Harris Georgiades announced on Tuesday 14 November.
 
Meanwhile the growth rate for the second quarter had been revised to 3.9%, Georgiades told the press at the Parliament, noting that “we now have a growth rate approaching 4%”.
 
In 2015 the growth rate stood at 2%, in 2016 it was 3% and in 2017 is reaching 4% he said and spoke of a very positive development verifying the strong recovery of the economy and the fact that “we are now covering the lost ground at a rapid pace”.
 
According to the Minister, Cyprus has recorded the second highest growth rate in the Eurozone and one of the highest in the EU. “It is important to emphasize that this positive growth perspective derives from all the productive sectors of our economy,” Georgiades said and reiterated that this robust growth rate is not supported by unreasonable public spending, but by a budget surplus the Cyprus News Agency reports.
 
He noted that this was not the result of unreasonable credit expansion but “of the good performance of the productive forces of the economy and these productive forces we must continue to support to move forward”.
 
The GDP’s growth confirms that households and businesses are slowly recovering, he said, adding that “we still have a way to go and for this reason I would like to stress that there is no room for complacency, but instead we should continue the effort with the same intensity”.

 

 


 

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