GDP for First Quarter 2012 -1.6% y/y
CYSTAT revised its quarter-on-quarter figures, saying that the first quarter of 2012 shrank by -0.4 percent compared to the last quarter in 2011. Earlier figures were for -0.3 percent in the first quarter of 2012.
The rate at which the economy is shrinking is slowing down, however. In the third quarter of 2011, the economy dropped sharply, shrinking by -0.8 percent, according to CYSTAT's figures. In other economic news, CYSTAT said that inflation for May was at 2.9 percent, from 3.1 percent in April and 3.9 percent in May 2011.
In related news, the Central Bank said it foresees a full-year GDP growth rate of -0.5-0.3 percent in the eurozone, and -1.1 percent in Cyprus.
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