GDP contracts 0.3% in Q3 compared to previous quarter, Cystat says

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By Stelios Orphanides

Cyprus’s economic output contracted 0.3 per cent in the third quarter compared to the previous quarter and a seasonal adjusted 1.8 per cent compared to a year ago, the statistical service said.

Today’s figure shows that the quarterly gross domestic product contraction rate was slower compared to an initial flash estimate of 0.4 per cent published mid-October, Cystat said in a statement on its website today.

Increase in economic activity in the areas of trade, hotel and restaurants as well as legal and accounting activities was unable to offset the impact from the decline in manufacturing and construction, as well as banking, transport and other services, Cystat said.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]