Cyprus' GDP drops by 0.3% during 1Q2012

GDP in Cyprus dropped by 0.3% during the first quarter of 2012 compared with the previous quarter, according to second estimates released Wednesday by Eurostat.

GDP remained stable in both the euro area and the EU27 during the first quarter of 2012, compared with the previous quarter. In the fourth quarter of 2011, growth rates were -0.3% in both zones.

On a year-to-year basis, Cyprus GDP during the first quarter of the current year decreased by 1.4% compared with the corresponsive period of 2011.

Compared with the first quarter of 2011, seasonally adjusted GDP decreased by 0.1% in the euro area and increased by 0.1% in the EU27, after +0.7% and +0.8% respectively in the previous quarter.

During the first quarter of 2012, household final consumption expenditure was stable in both the euro area and the EU27 (after -0.5% and -0.2% respectively in the previous quarter). Gross fixed capital formation fell by 1.4% in the euro area and by 0.9% in the EU27 (after -0.4% and -0.3%). Exports increased by 1.0% in the euro area and by 0.6% in the EU27 (after -0.7% and -0.3%). Imports rose by 0.1% in both zones (after -1.7% and -1.3%).