Cyprus crawled out of recession in Q1 (after all)

Cyprus actually clambered out of recession in the first quarter of 2010 according to the latest data from the Statistical Service Cystat, contrary to earlier estimates showing a sixth consecutive quarter of decline.
The revised data show that GDP in the first three months of the year rose in real terms by 0.1% over the previous quarter (on a seasonally and working day adjusted basis), having declined by 0.3% in the fourth quarter of 2009.
According to the early flash estimate published in May, GDP was estimated to have declined by 0.2% over the previous quarter in the Q1 and by 0.8% in the Q4.
The fall compared with the previous year was milder as a result of these revisions.
According to the revised figures real GDP fell by 1.6% over the year earlier in the first quarter, or by 1.7% on a seasonally and working day adjusted basis.
The flash estimate had put the decline in real GDP at 2.4%, or 2.3% on a seasonally and working day adjusted basis.
Cystat reported that there was positive growth in banking activities and certain other services sectors, as well as improved relative performance in tourism, distributive trade and industry.
Fiona Mullen, Sapienta Economics Ltd