Cyprus

Cyprus’ total productivity declines by 0.5% in Q4 2011

by fm

27th July 2012

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1 min read

Cyprus’ productivity, in the fourth quarter of 2011, declined by 0.5% compared to the corresponding period of 2010, according to figures released by the Cyprus Productivity Centre.

The decline reflects the 0.7% reduction of the GDP, which was partly offset by the 0.2% reduction of the employed population.

Labour productivity measured as Gross Value Added Value, per work hour was stagnant in Q4 2011 compared with the corresponding period of 2010, as total work hour marked an equal reduction (0.7%) as the GDP.

The biggest decline was recorded in the construction sector which fell by 10.2%, while according to Eurostat figures Cyprus recorded one of the lowest productivity rates among EU member-states with 0.4%.

Greece and Spain, whose economies have a similar structure to Cyprus, recorded positive productivity rates with 1.0% and 2.9% respectively whereas Malta, another state with an economy structure similar with Cyprus recorded the lower labour productivity rate with 2.2%.