Cyprus’ economy expanded as in the first quarter, ending the recession that began more than three years ago, final figures from the Statistical Service confirmed Tuesday.
Gross domestic product rose a seasonally and working-day adjusted 1.5 percent quarter-on-quarter in the three months ended March, which was slightly slower than the 1.6 percent initially estimated. This follows a 0.3 percent contraction in the fourth quarter and a 0.8 percent drop in the third quarter.
The economy had contracted in every quarter since the third quarter of 2011.
Positive growth was recorded in trade, hotels and restaurants, communication, electricity sectors as well as the legal and accounting activities. Declines were seen by the secondary sector of the economy, mining, manufacturing and construction.
On an annual basis, GDP grew a seasonally and working-day adjusted 0.2 percent in the first quarter, following a 1.8 percent fall in the three-month period to December. It was the first quarterly growth since the second quarter of 2011.
Without adjustment, total GDP rose 0.4 percent annually in the first quarter, after a 1.9 percent decline in the fourth quarter. That was also the first growth since the second quarter of 2011.
The material has been provided by InstaForex Company – www.instaforex.com