Cyprus GDP drops 5,9% in 2Q

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The GDP growth rate in Cyprus in real terms during the second quarter of 2013 is negative and estimated at -5,9% over the corresponding quarter of 2012, the Statistical Service Cystat announced.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -5,8%.

Νegative growth rates were recorded by the secondary sector of the economy (Construction, Manufacturing), as well as in the sectors of Tourism, Banking, Trade, Transport and other Services.

At constant 2005 prices, GDP fell in the second quarter of 2013 to 3,57 bln euros from 3,79 bln in the corresponding quarter of 2012.

At current market prices, Cyprus GDP grew in the second quarter of 2013 to 4,226.5 mln from 4,558.6 mln euros in the second quarter of 2012.

According to the Statistical Service, the Quarterly National Accounts have been revised on the basis of the revised Annual National Accounts for the years 2011-2012.

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