NICOSIA, Sept. 1 (Xinhua) -- Cyprus reported a 5.8 percent year-on-year growth in the gross domestic product (GDP) during the second quarter of this year, the country's statistical service Cystat said in a statement on Thursday.
It added that, based on seasonally and working day adjusted data, the GDP growth rate in real terms was estimated at 6.1 percent.
Cystat said that the positive growth rate was attributed to diverse sectors including hotels and restaurants, transport and storage, information and communication, wholesale and retail trade, repairs of motor vehicles, arts, entertainment and recreation, as well as other service activities.
This growth rate was one of the highest among member states in the Eurozone and the European Union, according to the Ministry of Finance.
The ministry estimated that the country's growth rate for the whole year would top 5 percent in real terms, based on Cystat data.
"Based on available data and the very good returns of tourism, it is expected that the good growth rate of the economy would continue during the second half of 2022, justifying the projection that the Cypriot economy will grow this year by a rate of over 5 percent," the ministry said.
The ministry's estimate is well above a projection by Moody's investor services last month that the Cypriot economy would grow by 3 percent in 2022.
It is also higher than the summer projections of the European Commission, which puts Cyprus' economic growth at 3.2 percent. ■