According to Cystat's new estimate, the economy shrank by 5.1% in the fourth quarter of 2013 compared with a contraction of 5.3% flash estimate issued in February 14. Compared with Q3 the economy contracted by 0.8%. Based on seasonally adjusted data the contraction was even lower at 5.0% year on year. Tourism was the only sector to register positive contribution to the GDP, while the secondary sector (Industry and Constructions), the banking sector, transport, trade and other services registered negative contributions.

Based on seasonally adjusted, throughout 2013 the Cypriot economy contracted by 5.4% compared with a -2.4% in 2012. The economy`s performance beats Cyprus' lenders revised projections for a 7.7% contraction in 2013, while the initial estimates, included in the adjustment programme agreed with the Troika in March 2013, projected a downturn of 8.7%.

In constant prices the Cypriot GDP in Q4 stood at €3,066.6 million compared with €3,230.0 million in Q4 in 2012. Throughout 2013 the Cyprus GDP declined to €12,589 million compared with €13,309 million in 2012. Based on seasonally adjusted data, the Cypriot GDP in Q4 declined to €4,021.4 million from €4,365.5 million in Q4 2012. In 2013 the Cypriot GDP declined to €16,504 million from €17,720 million in 2012.

Source: Financial Mirror