Cyprus GDP grows for first time since 2011
NICOSIA, Cyprus (AFP) — Recession-hit EU member Cyprus notched up its first positive growth in almost four years as GDP rose 1.5 per cent in the first quarter, official figures showed on Tuesday.
The figure was fractionally lower than the 1.6 per cent Q1 growth posted in a flash estimate last month, from a 0.4 per cent dip in the previous quarter.
The Mediterranean island has put a stop to 14 successive quarterly economic contractions with its growth figures for January-March, the state statistical service said.
It is the first time the Mediterranean holiday island’s economy has registered growth since Q2 2011.
Seasonally adjusted data also showed that year-on-year the economy grew 0.2 per cent in Q1 compared to a 1.8 per cent retreat in 2014.
Last month, the European Commission forecast that Cyprus’s eurozone economy would contract 0.5 per cent this year and grow 1.4 per cent in 2016.
