The latest quarterly figures show that the Cypriot economy could grow by 4% this year, driven largely by an expansion in the financial services and real estate sectors.
According to the Financial Mirror, gross domestic product grew by 3.8% in the third quarter of 2005 compared to the same period in the previous year. On a quarter to quarter basis, the growth rate was 0.9%, and the annual growth rate is expected to fall between 3.5% and 4%, compared to last year's 3.8%.
The Statistical Service has reported that growth has occurred across all sectors of the economy, with building permits by area up by 11.5% year on year in the third quarter, financial intermediation up by 12.4%, tourists arrivals up by 6.9%, telecommunications volume up by 7.0%, electricity volume up by 5.0%, and the turnover value of wholesale and retail trade up by 2.8%.
On a quarterly basis, the fastest growing category in the third quarter was finance and real estate which rose by 1.9% on a seasonally adjusted basis compared with the previous quarter. Construction was the second fastest growing sector, registering 1.4% growth between the second and third quarters.
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