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Third Quarter GDP Confirmed at 1.8% yr/yr

third quarter gdp cyprusThe third-quarter gross domestic product (GDP) for 2010 has been confirmed at a better-than-expected 1.8 percent versus -2.7 percent in the same period of 2009, said the Cyprus Statistical Service (CYSTAT).

Seasonally adjusted, the economic growth figure in real terms comes in at 1.6 percent, according to the survey.

The survey cites improved performances in the Tourism, Transport, Trade, Services and Banking sectors. However, the construction sector still has 'negative performances', said CYSTAT. Full-year GDP growth is expected at between 0.5-1 percent, according to Finance Minister Charilaos Stavrakis' latest estimate.

Although the island's economy has officially pulled out of the recession that lasted until the first quarter of the year, the goverment is still struggling with the effects of rising unemployment and a high government deficit.

This morning, AKEL and DIKO confirmed they had reached a deal on measures to help the economy, but have not yet released the details of their plan.

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