NICOSIA – The Cypriot economy has shrunk for a sixth consecutive quarter in the fourth quarter of 2012, as Cyprus Gross Domestic Product (GDP) decreased by 3.4% compared to the corresponding quarter of 2011. This is the largest decrease of the Cyprus GDP since the third quarter of 2011, when the economy began to shrink.
After GDP correction as regards the seasonal fluctuations and working days, the Cypriot economy is estimated to have shrunk by 3.3% in the fourth quarter.
The secondary sector of the economy (Construction, Manufacturing), as well as the fields of trade, transport and services (Public Administration, Recreational and Cultural Activities) have reordered negative growth rates.
The Legal and Accounting Services sector recorded a positive growth rate.