According to the data, GDP stood at €3,494 million in the 2nd quarter of 2014 compared to €3,571.2 million in the same quarter of 2013.

Based on seasonally and working day adjusted data, it is estimated that the GDP shrank by 2.5% compared to the same period of 2013, and 0.3% compared to the previous quarter.

Positive growth rates were recorded in tourism and trade which reached output of €793.5 compared to €769.4 in the same quarter of 2013, recording an increase of 0.03%.

Negative growth rates were recorded in the manufacturing sector, which reached €259.9 compared to €271.4 (drop of 0.04%). Likewise construction which stood at the end of the second quarter at €145.7 million compared to €177.3 million in the same period of last year, shrank by 10.82%.

Source: Famagusta Gazette