Cyprus economy continues to grow strongly Cyprus GDP grew in real terms during the second quarter of 2006 by 3.7% year on year. This continues the robust performance of the economy and is in line with expectations. Indicative indices on the performance of various economic activities during the second quarter of 2006 are:
Tourist arrivals +2.6%More importantly tourism revenue +8.3%building permits in M2 +5.9% (Jan.-May)wholesale and retail trade turnover value index +8.2%telecommunications index +2.8%air transport index +6.7%production volume index of electricity +7.8%financial services +19.4% Of particular note in the figures is the strong growth in tourism revenue which is far more important than the number of arrivals. This combined with the overall strategy at governmental level to position Cyprus as a higher net worth destination bodes well and will be seen as a vindication of policy.
These are a very good set of figures.
InvestinCyprus.com
