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Cypriot officials record economic growth

A higher gross domestic product (GDP) was recorded in Cyprus last year, according to government figures.

Official data cited by Forbes revealed that the Mediterranean island continued to enjoy economic growth in 2007.

Statistics indicated that during the 12-month period, the economy grew by 4.4 per cent on the previous year.

As a result of the figures, Cyprus' finance ministry has predicted that this rate of growth will be sustained during 2008.

This should keep it above the average rate of expansion seen across the European Union as a whole.

Furthermore, it may help encourage a greater number of foreign property buyers to consider investing their money in the island.

Various news outlets including the Telegraph have recently predicted that Cyprus' recent accession to the euro could make it a more attractive market among overseas investors.

The country became a member of the single European currency at the beginning of 2008.

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