Cyprus Economy Expands For Second Straight Quarter

(RTTNews) - Cyprus' economy grew for a second consecutive quarter in the three months to June, preliminary data from the Statistical Service showed Friday.

Gross domestic product grew an unadjusted 1.2 percent year-on-year, following 0.3 percent increase in the first quarter, which was revised from 0.4 percent.

In the first quarter, the economy exited a long recession that began more than three years ago. The economy had contracted in every quarter since the third quarter of 2011.

On a seasonally-and-working-day adjusted basis, GDP grew 0.9 percent year-on-year during the second quarter after a 0.2 percent gain in the previous three months.

Sequentially, GDP grew an adjusted 0.5 percent in the three months to June following 1.4 percent increase in the previous quarter.

Positive growth rates were recorded in manufacturing, trade, hotels and restaurants, transport, communication, professional, scientific and technical activities and administrative and support service activities as well as the financial service activities, the agency said.

Negative growth rates were recorded in construction, electricity, the arts, entertainment and other service activities as well as the activities of households as employers, it added.