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Recession in Cyprus accelerates to 5.9 per cent

The Cypriot economy shrank by 5.9 per cent year on year in the second quarter of 2013, marking its eighth consecutive quarterly GDP reduction, figures released by the Cyprus Statistical Service (CyStat) show.

Taking into account the correction on seasonally adjusted data, the recession reached 5.7 per cent. Compared with the first quarter of 2013, the economy shrank by 1.8 per cent.
The economy’s main growth drivers, such as the secondary sector (construction, manufacturing), as well as in the sectors of tourism, banking, trade, transport and other services registered negative growth rates.

The figures released on Friday, exceed CyStat’s flash estimate released in August on a 5.7 per cent negative growth rate.

The European Commission, the European Central Bank and the IMF, collectively know as the troika estimate that the Cypriot GDP will shrink by 8.7 per cent in 2013.

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