Cyprus Q3 recession less steep than flash estimate

**Tourism and professional services show growth**
The Cyprus economy declined by less than initially estimated according to revised figures for the third quarter.
The preliminary “flash” estimate put the real, seasonally adjusted GDP decline in the third quarter at 0.5% over the previous period and 2.3% over the third quarter of 2011.
According to the revised figures there was a slightly more modest decline of 0.4% quarter on quarter and 2.1% year on year.
However, the figures still show that Cyprus recorded its fifth straight quarter of decline in Q3.
The Statistical Service said that negative growth rates were recorded in construction, manufacturing, retail and wholesale trade, transport, public administration, recreational and cultural activities).
There were positive growth rates for tourism and legal and accounting activities.