Cyprus economy has entered into recession in the last quarter of 2011, with the country’s GDP recording a decline 0.7%, the Statistical Service of the Republic of Cyprus announced.
Growth rate is estimated at -0.7% in the last quarter of 2011, compared to the corresponding period in 2010.
Construction, manufacturing and electricity also declined during the same period, along with trade and transport, while tourism, banks and services presented a positive outlook.
The Statistical Service corrected its February estimate on GDP decline in the last quarter of 2011 from 0.5% to 0.7%.
The economy’s contraction was also corrected to 0.3%, from 0.5% in the February estimate.
Moreover, the economy shrank in the last quarter of 2011 by 0.1%, compared to the third quarter of 2011, while the initial estimate said it expected zero growth.
GDP in current market prices is estimated at 4.44 bln euros for the last quarter of 2011 and at 17.76 bln euros for 2011.
