The Cypriot growth rate registered in the third quarter (Q3) of 2016 an increase of 2,9%. The increase is compared with the same period of 2015. The GDP growth rate in Cyprus increased as a consequence of a positive business climate registered in several main industries. Businessmen who want to start a company in Cyprus are welcomed to invest on the local market, but it is recommended to firstly study the legal environment available here and also the main investment opportunities. Our lawyers in Cyprus can provide more details on this matter.
GDP growth in 2016 and 2017
Businessmen who want to register a company in Cyprus should know that the local economy is expected to maintain its growing trend in 2016, as well as in 2017. The local economy is projected to grow at a rate of 1,6% in 2016, while the growth in 2017 is estimated at 2%. Our law firm in Cyprus can provide more details on the legal environment applicable to companies registered here.
At the level of 2015, the GDP per capita in Cyprus had a total value of EUR 19,333.
Industries that contributed to the Cypriot GDP
The increase registered in Q3 was a direct effect of the economic results registered in the following sectors:
• hotels and restaurants;
• professional, scientific and technical activities;
• retail and wholesale trade;
The tourism sector had a powerful impact over the local economy, as the growth observed in 2015 was maintained through 2016, with an increasing number of British tourists interested in booking a vacation here. Related to this matter, we mention that the per capital expenditure of a British citizen increased to EUR 815, compared to EUR 755, as it was registered in 2015.
In 2015, the total number of tourists who visited Cyprus accounted for approximately 2,7 million.
The revenue obtained in the first five months of 2016 in the tourism industry reached EUR 530,2 million.
Businessmen who are interested in receiving further details on this subject are invited to address to our attorneys in Cyprus.