Crisis: Cyprus' GDP shrinks by 2.2% in 2Q 2014

04 September, 15:43

    (ANSAmed) - NICOSIA, SEPTEMBER 4 - Cyprus' gross domestic product (GDP) shrank in real terms by 2.2% during the second quarter of this year compared with the same quarter of the previous year, data released by the Cyprus Statistical Service, on Wednesday, show. According to the data, as CNA reports, GDP stood at 3,494 million euros in the 2nd quarter of 2014 compared to 3,571.2 million euro in the same quarter of 2013. Based on seasonally and working day adjusted data, it is estimated that the GDP shrank by 2.5% compared to the same period of 2013, and 0.3% compared to the previous quarter. Positive growth rates were recorded in tourism and trade which reached output of 793.5 euro compared to 769.4 euro in the same quarter of 2013, recording an increase of 0.03%. Negative growth rates were recorded in the manufacturing which reached 259.9 euro compared to 271.4 euro (drop of 0.04%). Likewise construction which stood at the end of the second quarter at 145.7 million euro compared to 177.3 million euro in the same period of last year, shrank by 10.82%. (ANSAmed).

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