Cyprus GDP decline revised down to 1.6%

The Statistical Service revised down its estimate for real GDP growth, showing that real GDP declined over the year earlier by 1.6% in the first quarter, compared with an initial “flash” estimate of 1.5% published last month.
On a seasonally and working day adjusted basis, real GDP growth fell by 1.5% over the year earlier, compared with a previous estimate of 1.4%.
The Statistical Service reported that there was negative growth in construction, manufacturing, electricity,retail and wholesale trade, and transport.
On the other hand, there was positive growth in the banking and services sector, which includes public administration, education and health.