Cyprus recession moderates in Q1

Cyprus was still in recession in the first quarter of 2010 according to the “Flash Estimate” produced by the Statistical Service but the decline was milder than in any of the previous four quarters.
GDP declined in real terms by 0.2% over the previous quarter on a seasonally adjusted basis in January-March, having fallen by 0.8% in the fourth quarter and 1.0% in the second—the steepest quarter of decline.
Over the same period of the previous year real GDP dropped by 2.3% based on seasonally and working day adjusted data, or by 2.4% using non-seasonally adjusted data.
The Statistical Service said that the contraction of the economy during the first quarter of 2010 was mainly attributed to negative growth rates in construction and trade and manufacturing activities.
On the other hand, positive growth rates were observed the broad services sector, including an improved performance for tourism.