Cyprus

Cyprus GDP estimated at -1.6% during 1st quarter of 2012

by fm

8th June 2012

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GDP growth rate in Cyprus during the first quarter of 2012 is negative and estimated at -1.6% over the corresponding quarter of 2011, according to data released today by the Statistical Service of Cyprus.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -1.5%.

Negative growth rates were recorded by the secondary sector of the economy (Construction, Manufacturing, Electricity), as well as in the sectors of Trade and Transport. Positive growth rates were presented by the sectors of Banking and Services (Public Administration, Education, Health, other services).

According to the Statistical Service’s Flash Estimate released in May, the GDP growth rate in real terms during the first quarter of 2012 would be -1.5% over the corresponding quarter of 2011, whilst based on seasonally and working day adjusted data, GDP growth rate in real terms would stand at -1.4%.