articles | 04 September 2014

Cyprus GDP shrinks by 2.2% in 2Q 2014

Cyprus GDP shrank in real terms by 2.2% during the second quarter of this year compared with the same quarter of the previous year, data released recently by the Cyprus Statistical Service show.

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

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