Eurostat: Cyprus GDP shrank by 0.3% in Q4 2009

Cyprus' GDP in the fourth quarter of 2009 shrank by 0.3%, compared to the previous quarter, according to the second estimates released by Eurostat.
On a yearly basis, Cyprus' GDP in Q4 2009 shrank by 2.8% compared to the same period of 2008, whereas the first estimate showed a decline of 2.7%.
Meanwhile, the recovery in the Eurozone seems extremely slow as in the fourth quarter of 2009 it showed zero growth, whereas the EU27 showed a 0.1% GDP growth.
On a yearly basis, Eurozone's GDP shrank by 2.2% (initial estimates stood at 2.1%), while the EU27 GDP declined by 2.3% equalling the initial forecasts.
According to Eurostat, in Q4 Ireland showed the biggest GDP decline with 2.3%, with Greece following with 0.8%. On a yearly basis, Latvia showed the biggest GDP decline with 17.1% and Estonia with 9.5%.