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Economy Grows 2.9% in Q2

Cyprus’s economy expanded 2.9 per cent year-on-year in the second quarter and a seasonally adjusted 2.7 per cent, the statistical service said citing revised figures which confirmed an August 12 flash estimate.

The Cypriot economy grew 0.7 per cent in the second quarter compared to the previous three-month period, Cystat said in a statement on its website on Thursday.
In January to March, the economy grew an annual 2.6 per cent and a quarterly 1 per cent, according to Cystat.

Growth received a boost from hotels and restaurants, professional, scientific and technical activities, retail and wholesale trade, manufacturing, construction, and transport, Cystat said. Output from intermediary financial organisations, media and communication and the primary sector.

The same positive tendency showed the property market as well. The number of properties sold in September  rose by 44% compared to the same period last year. In  numbers it’s 556 contracts for sale of residential & commercial properties and land were registered at the land Registry, which shows an increase of 44% over the 385 sold in September last year. September’s increase follows a 50% increase in August, a 26% increase in July and a 42% increase in June. Of thouse 556 contracts 77% were deposited by domestic (Cypriot) purchasers, and 23% (129) were deposited by overseas buyers.

Business Mail, Cyprus Property News

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