NICOSIA (AFP) -- The growth rate of the Cyprus economy for the first three months of 2007 was estimated at 3.7 percent of GDP, according to an official flash forecast issued on Tuesday.

During the period of January-March, best performing areas of economic activity were financial intermediation services up 25 percent, retail trade increased 8 percent, imported goods rose 3.4 percent and building permits improved 3.1 percent.

Negative performances were registered in exports, down 11.4 percent, tourism arrivals fell 3.9 percent while tourist-generated revenue dipped 4.5 percent.

Total GDP growth in 2006 was 3.8 percent.