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Cyprus Economic Growth Eases In Q1

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Cyprus’ economic growth slowed in the first quarter, after improving in the previous three months, preliminary estimates from the statistical office showed Tuesday.

In real terms, gross domestic product expanded 5.8 percent year-on-year in the March quarter, slower than the 6.4 percent increase seen in the fourth quarter.

On a seasonally adjusted basis, annual GDP growth eased to 5.6 percent from 5.9 percent in the previous three-month period.

The annual growth in GDP was largely underpinned by positive developments in hotels and restaurants, transport and storage, wholesale and retail trade, repair of motor vehicles, arts, entertainment and recreation and other service activities.

Compared to the previous quarter, GDP advanced an adjusted 0.7 percent in the first quarter, the same pace of growth as in the previous three-month period.

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