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Cyprus economy rises by 2.8 pct in Q3

Xinhua, December 7, 2016 Adjust font size:

Gross Domestic Product (GDP) in Cyprus rose 2.8 percent year on year in the third quarter of 2016 from a year earlier, official data revealed on Wednesday.

Compared to the second quarter, GDP rose by 0.7 percent in the third quarter, the Statistical Service of Cyprus said in a statement.

The actual increase of GDP was at the center of discussions at a Eurogroup finance ministers meeting in Brussels on Monday during a review of Eurogroup countries' budgets for 2017.

Cyprus argued that the actual GDP growth at the end of the year would be very close to 3.0 percent, 0.3 percentage points above the projected growth, and would provide additional revenue covering any deficits.

The Eurogroup accepted the argument but insisted it would call on Cyprus to adopt "significant additional measures" in the case of structural deviations at the end of 2017. Endit