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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.

Poll

How Can the Government Improve the Economy?
By focusing on job creation
19%
By reducing interest rates in government-owned banks
0%
By changing the hours banks are open to normal working hours
0%
By changing the hours govt. offices are open to normal working hours
0%
By talking more positively about the economy
0%
By reducing corruption and bribery in the state sector
24%
All of the above
57%
None of the above
0%
Total votes: 21