GDP grew by 3.5 percent in first quarter

The gross domestic product (GDP) of the island grew by 3.5 percent in the first quarter of this year compared with the same period of 2018.

The Finance Minister said the economy is projected to remain on a course of stable growth.

The Statistical Service report said that growth was mainly due to the performance of the hotels and restaurants, retail and wholesale trade, manufacturing and scientific and technical sectors.

It also said that the country’s financial and insurance sectors have contracted.