The Cyprus economy plunged deeper into recession in the first quarter, with gross domestic product falling at a faster rate than in the previous quarters, data released by the statistical office showed Wednesday.
Gross domestic product decreased a seasonally adjusted 1.3 percent sequentially in the three months ended March, slightly faster than the 1.2 percent contraction seen in the fourth quarter. The economy has recorded negative growth for the seventh quarter in a row.
On an annual basis, the working-day adjusted GDP contracted at a faster rate of 4.1 percent than 3.4 percent in the final quarter of last year.
Negative growth rates were recorded by the secondary sector of the economy, as well as in the sectors of tourism, trade, transport and services, the agency said.
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