Cyprus' Economy Continues Booming In 2017: +3,8%

After an economic boom in 2016, hitting 2,9%, the economy of Cyprus continues its upwards trend, expanding by 3,8% in 2017.

The highest growth was seen during the Q2 2017, where the annual growth hit 4%. While Q1 2017 showed a growth of 3,8%, expansion of Cyprus' economy reached Q3 2017 was 3,9%. The figures given are seasonally adjusted figures as per the Statistical Department of Cyprus.

The main growth drivers are private consumption and strong investment, while public consumption contributed positively as well. The growth of private consumption is supported by steadily rising household disposable income, stemming from robust employment. The current consumer confidence is buoyant, even remarkably above the pre-crises level (2012).