2021.08.1711:14:00UTC+00Cyprus Economy Expands Strongly In Q2

Cyprus' economy expanded strongly in the second quarter to exit a long recession caused by the impact of the Covid-19 pandemic, preliminary estimates from the statistical office showed Tuesday. Gross domestic product grew a seasonally and working-day adjusted 12.9 percent year-on-year after a 2.1 percent fall in the previous quarter. Compared to the previous quarter, GDP rose 0.2 percent following a 1.7 percent increase in the first three months of the year. On a non-adjusted basis, GDP grew 12.8 percent annually following a 2.0 percent fall in the previous three months. The statistical office attributed the positive GDP growth rate mainly to the improvement in the sectors such as hotels and restaurants, construction, manufacturing, transport, storage and communication, wholesale and retail trade, automobile repair, arts and recreation and other activities.