Cyprus Remains Stuck In Recession In Q3

Cyprus' economy contracted further in the third quarter, extending the trend that begin three years ago, preliminary figures from the Statistical Service showed Friday.

Gross domestic product declined a seasonally and working-day adjusted 0.4 percent sequentially, the same as in the previous three months. The economy has contracted in every quarter since the third quarter of 2011.

Year-on-year, GDP decreased 2 percent, which was slightly slower than the second quarter's 2.2 percent slump.

On an unadjusted basis, GDP fell 1.9 percent annually in the third quarter following 2 percent drop in the three months to June.

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