Tourist influx helps Cyprus post solid third-quarter growth
Tourist influx helps Cyprus post solid third-quarter growth
NICOSIA - Egypt Today
A tourism boom helped the Cyprus economy grow by 0.9 percent in the third quarter, extending a recovery from a crisis that required an international bailout in 2013, official data showed on Friday.
Gross domestic product (GDP) rose for an 11th consecutive quarter, although at a slightly slower pace than the one-percent growth seen in the previous three-month period.
Year-on-year the economy of the eurozone member grew 3.9 percent in the third quarter, according to an official estimate.
The Mediterranean island's economy almost collapsed in 2013 but it has remained in positive territory since the fourth quarter of 2014 and is one of the fastest growing economies in Europe.
Cyprus has smashed its tourist arrival records this year, with the total reaching 3.4 million at the end of October, helped by the country's reputation as a regional safe haven.
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