Cyprus escapes official recession in Q4

**But GDP down 0.5% over year earlier **

Cyprus just missed recording official recession in the fourth quarter of 2011, as GDP growth in seasonally adjusted terms stagnated compared with the previous quarter, after a decline of 0.8% q/q in the third quarter.
A recession is recorded when there are two consecutive quarters of quarter on quarter decline.
For quarter on quarter figures, seasonally adjusted figures give the more accurate picture.
However, in non-seasonally adjusted terms the economy did decline compared with the previous quarter, by 0.5%, after a 0.5% Q/Q decline in Q3.
Moreover, compared with the same period of the previous year, the economy contracted by a seasonally adjusted 0.5%–the same contraction that was recorded in Q3 according to revised figures.
www.sapientaeconomics.com