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Cyprus GDP grows 2.7 pct in Q1

Xinhua, June 10, 2016 Adjust font size:

Cyprus's seasonally adjusted economic growth rate for the first quarter of 2016 was 2.7 percent, the Statistical Service said on Thursday.

It said that in real terms the year-on-year growth was 2.6 percent but it rose to 2.7 percent after working days and other data were taken into account.

The Q1 growth was slightly below the 2.8 percent growth during the fourth quarter last year.

The Ministry of Finance has projected the growth for the entire year to be also 2.7 percent, one of the largest rates in the European Union.

Cyprus exited its three year 10-billion-euro bailout program in March this year.

Its economy returned to growth in the first quarter of 2015 after a three year continuous recession. Endit