Cyprus: Economic growth gains steam in Q4
A second reading of national accounts data revealed that GDP growth accelerated in the fourth quarter, rising to 6.4% year-on-year from 5.3% in the third quarter.
Private consumption increased 6.4% in the fourth quarter, which was above the third quarter’s 3.1% expansion. Public spending growth eased to 0.6% (Q3: +4.7% yoy). Meanwhile, fixed investment contracted 42.6% in Q4 (Q3: -11.3% yoy).
Growth in exports of goods and services decelerated to 15.3% year-on-year in Q4 (Q3: +35.3% yoy). Similarly, growth in imports of goods and services waned to 8.8% in Q4 (Q3: +19.2% yoy).
On a working-day and seasonally-adjusted quarter-on-quarter basis, economic growth eased to 0.7% in Q4 from 1.7% in the third quarter.