Cypriot GDP shrank by 0.3% in Q4 2009, according to Eurostat

The Cypriot economy shrank by 0.3 per cent in the fourth quarter of 2009, according to flash estimates released today by Eurostat.

On an EU-wide basis, the GDP increased by 0.1%, the second consecutive GDP growth. However, the growth rate was smaller than that of the Q3, causing concern regarding the consistency of the recovery of the European economy.

On a quarterly basis, apart of Cyprus, the GDP of Greece decreased by 0.8%, of Italy by 0.2% and of Spain 0.1%.

Compared to the fourth quarter of 2008, Cyprus' GDP decreased by 2.7 per cent, whereas the EU27 GDP decreased by 2.3% and the Euro area by 2.1%.

On a yearly basis no Euro area country showed GPD increase.

Cyprus joined the EU in May 2004 and the Euro area in January 2008.