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Cyprus expects over 4 percent growth this year

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Europe   The Cypriot government expects an economic growth

The Cypriot government expects an economic growth of over 4 percent in 2018, above the previous official projection of 3.9 percent, a statement from the Statistical Service of Cyprus said.

In a flash estimate, the Cypriot statistics agency said "the GDP growth rate in real terms during the second quarter of 2018... is estimated at 3.9 percent over the corresponding quarter of 2017".

A government spokesman said in a statement that given the second quarter growth "in combination with a 4.0-percent growth rate during the first quarter and the seasonal variation of economic activity, it is realistic to expect a growth rate of more than 4.0 percent for the whole year 2018."

Finance Minister Harris Georgiades commented that the growth was the result of bold decisions and a collective effort by productive forces.

He also said that moves in the banking sector had secured three consecutive upgrades by rating agencies, leading Cyprus just below investment grade.

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