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EC: Recession in Cyprus easing more quickly than expected

14 May, 2014

European Commission Spokesman Simon O` Connor has said that data released on Thursday by Eurostat on GDP in Cyprus show that recession in Cyprus is easing much more quickly than expected in the latest forecast.

According to the data released, GDP dropped in Cyprus by 0.7% during the first quarter of 2014 compared to the corresponding period in 2013, while during the last quarter it had dropped by 0.8%.
Seasonally adjusted GDP rose by 0.2% in the euro area and by 0.3% in the EU28 during the first quarter of 2014, compared with the previous quarter, according to flash estimates2 published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2013, GDP grew by 0.2% in the euro area and by 0.4% in the EU28.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.9% in the euro area and by 1.4% in the EU28 in the first quarter of 2014, after +0.5% and +1.0% respectively in the previous quarter.