Third-quarter GDP Growth Confirmed At -2%
Cyprus' Gross Domestic Product (GDP) was confirmed in negative territory at -2% for the third quarter of 2009, said the Statistical Service today, revising an estimated figure of -2.8%.
Year-on-year, GDP is -2.5% compared to the same quarter in 2008.
"The contraction of the economy during the third quarter of 2009 is mainly attributed to the very negative growth rates observed in Construction and Hotels and Restaurants as well as the negative performance of Manufacturing, Trade and Transport activities. The Financial Intermediation activities as well as the broad Services sector continue to record positive growth rates but at a decelerating rate," according to the report.