Cyprus shipmanagement revenue hits $591m

Revenue from shipmanagement in Cyprus has grown to EUR 538m ($591m) in the second half of 2018.

This is up from EUR 506m in the first six months and is 5% of the island's GDP.

The GDP figure for the first half of 2018 was 5.1%, however, the Central Bank of Cyprus announced.

The slight dip was due to a simultaneous increase in economic output in the second six months, the bank said.