GDP Growth for Q2 at 1.5% yr/yr
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The GDP growth for the second quarter of 2011 was 1.5% year-on-year, versus 1.7% in the first quarter, said the Cyprus Statistical Service (CYSTAT) in a flash estimate.
During the second quarter there was a 0.4% growth compared to the first quarter, which showed zero growth. GDP growth in the second quarter of 2010 was 0.6%.
There was positive growth in tourism, trade, banking and services, while construction and manufacturing sectors continued to decline, says the survey.
The figures coming up for the third quarter will be particularly significant, because the explosion at Mari naval base happened in July and its impact will be seen during that period of economic activity.
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