Cyprus revised GDP deepens Q4 recession

Full national accounts figures have revised down the contraction in the fourth quarter to a seasonally adjusted 3.3% from a previous flash estimate of 3%.

On a non-seasonally adjusted basis real GDP declined by 3.4% over the same quarter of 2011.

The decline was broadbased. Cystat reported that negative growth rates were recorded for construction, manufacturing, retail and wholesale trade, transport, public administration, and recreational and cultural activities. A positive growth rate was recorded for Legal and accounting activities.

Source: Financial Mirror