Cyprus Q1 GDP flat on quarter, +1.8% year/year

Cyprus' gross domestic product was flat in the first quarter of 2011 on a quarterly basis, compared with 0.4% growth in the last quarter of 2010, the statistics department said in provisional data released on Thursday.
On a year on year basis, growth was 1.8% in the first quarter compared with 2.5% in the last quarter of 2010, it said. The figures were unchanged from a flash estimate issued on May 13.
Cyprus, one of the euro zone's smallest member states, has experienced subdued growth since its first recession in more than 30 years in 2009, when the island's 17.4 bln euro economy shrank 1.7%. It grew 1.0% last year.
Construction and manufacturing remained in negative territory while growth was recorded in tourism, banking and services, the statistics department said.