articles | 08 September 2014

Cypriot economy shrinks by 2.4% in 2012

The Cypriot economy shrank by 2.4% in 2012 compared to growth of 0.5% in 2011, according to a report released recently by the Cyprus Statistical Service entitled 'Labour Statistics' for the year.

According to the report the number of people in employment fell by 12,800 people, mainly due to a drop ofpeople working in the secondary sector, of industry were 7,400 people stopped being employed.

The number foreigners working in Cyprus fell in 2012 by 4% and was recorded at 115,130 people.

Unemployment as a percentage of the economically active population was recorded in 2012 at 12.2% compared to 8% in 2011.

At the same time earnings increased by 1.6% in nominal terms but fell by 0.8% in real terms.

The rate of inflation as reflected by the consumer price index stood at 2.4% in 2012 compared to 3.3% in the previous year.

Source: Famagusta Gazette

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