Cyprus GDP declines by 0.8% in 3rd quarter of 2011

Cyprus’ GDP decreased during the third quarter of 2011, while GDP in the euro area and in the EU27 recorded a small increase, according to second estimates released Tuesday by Eurostat.

According to the data, GDP in Cyprus declined by 0.8% during the third quarter of 2011, compared with the previous quarter, while GDP increased by 0.2% in the euro area1 (EA17) and by 0.3% in the EU27. During the second trimester, GDP had increased by 0.2% in Cyprus, as well as in the EA17 and EU27.

On an annual basis, GDP declined in Cyprus by 0.6% in the third quarter of 2011 compared with the corresponding period of 2010, while it increased by 1.4% in the euro-zone and the EU. Greece recorded the highest GDP decline in EU, reaching 5.2%.

GDP growth during the third quarter of 2011, compared to second quarter of 2011, was in the euro-zone countries for which data are available as follows: Cyprus -0.8% -0.4% in Portugal, Netherlands -0,3%, Slovenia -0.2%, Belgium 0.0%, Spain 0.0%, Austria 0.3%, France 0.4%, Germany +0.5%, +0.8% Slovakia , +0.8% Estonia, Finland +0.9%.

The annual GDP growth (third quarter 2011 compared to third quarter of 2010) was as follows: Greece -5.2% -1.7% Portugal, Cyprus -0.6% -0.1 Slovenia %, Spain +0.8%, Netherlands +1.1%, +1.6% France, Belgium +1.8%, Germany 2.6%, Finland 2.7%, Austria 2.8% , Slovakia +3.2%, Estonia 7.9%.