Cyprus real GDP down 1.7% in 2009

The Cyprus economy shrank by 1.7% in 2009, according to the latest full figures on the national accounts.
In the fourth quarter real GDP rell by 3.0% over the corresponding quarter of 2008. Based on seasonally and working day adjusted data, it fell in the same period by 2.8%.
The Statistical Service said that the contraction of the economy during 2009 was mainly owing to very negative growth rates in construction and tourism as well as to the negative performance of manufacturing, retail and wholesale trade and transport activities.
The broad services and financial intermediation activities sectors recorded positive growth rates.
A full analysis of the GDP figures will follow.