A second estimate for the third quarter of 2013 published recently by Eurostat confirmed that growth rates in Cyprus have declined.
The Eurostat estimate indicated that the GDP rose by 0.1% in the euro area. Among Member States for which data are available for the third quarter of 2013, Romania (+1.6%) and Latvia (+1.2%) recorded the highest growth compared with the previous quarter, followed by Hungary and the United Kingdom (both +0.8%). On the other hand, Eurostat said that Cyprus (-0.8%), the Czech Republic (-0.5%), France and Italy (both -0.1%) registered decreases.
In the second quarter of 2013, growth rates in Cyprus were -1.8% while in the third quarter fell to -0.8%. The percentage change compared with the previous year indicated a decline of -5.7%.
Source: Financial Mirror
