Cyprus remains in recession during second quarter of 2013

Eurozone pulls out of recession during the course of the second quarter of 2013, according to second estimates published by Eurostat. Cyprus and Greece recorded the highest recession, on an annual basis (second quarter of 2013 to second quarter of 2012)

In particular, after staying in recession for four successive quarters, Eurozone countries recorded positive GDP growth by 0.3%, while the 28 EU member states grew by 0.4%.

On an annual basis, comparing the second quarter of 2013 to the corresponding quarter in 2012, Eurozone GDP receded by 0.5% while remaining stable in the EU.

The percentage change in the second quarter of 2013, when compared with the first quarter of 2013, was -1.4% for Cyprus, -0.3% for Slovenia, -0.2% for the Netherlands and Italy and -0.1% for Spain.

Countries recording positive rates were Belgium, Estonia and Portugal with 0.1%, Austria 0.2%, Slovakia 0.3%, France 0.5%, Finland 0.7% and Germany 0.7%

The percentage change in the second quarter of 2013, compared with the same quarter of the previous year, was -5.2% in Cyprus, -4.6% in Greece, -2.2% in Slovenia, -2% in Italy and Portugal, -1.8% in the Netherlands and -1.6% in Spain.

The rate remained stable in Finland while countries recording positive rates were France with 0.3%, Germany with 0.5%, Slovakia with 0.8% and Estonia with 1.4%.