Cyprus' economy remained in recession in the first quarter, with gross domestic product falling for the third consecutive quarter, preliminary data released by the Statistical Service showed Tuesday.
Gross domestic product declined a seasonally and working-day adjusted 0.3 percent sequentially in the first quarter, unchanged from the rate of contraction seen in the fourth quarter. In the third quarter, GDP dropped 0.8 percent quarter-on-quarter, after remaining flat in the second quarter.
Year-on-year, GDP decreased 1.5 percent during the three-month period, following the previous quarter's 0.8 percent fall. On an adjusted basis, the economy contracted 1.4 percent annually.
Negative growth rates were recorded by the secondary sector of the economy, as well as in the sectors of trade and transport, while positive growth rates were recorded by the banking and services sectors, the agency said.
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