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Q2 GDP Up 0.1% yr-on-yr

Estimated GDP growth for the second quarter of 2010 was up 0.1 percent versus the same period last year, and higher by 0.4 percent compared to the first quarter of the year, said the Cyprus Statistical Service (CYSTAT).

However, when seasonally adjusted, GDP shows a decline of 0.2 percent year-on-year for the second quarter, according to the survey.

The improvement in the economy is mainly due to positive growth rates in the Banking sector.

"Tourism and Trade activities showed encouraging results while signs of improvement were also recorded in Construction for the first time," said CYSTAT.

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