Final data released by the Statistical Service of the Republic of Cyprus showed Friday that the economy remained in recession in the first quarter of 2012 and the gross domestic product fell slightly faster than previously estimated.
On a seasonally and working day adjusted basis, GDP fell 0.4 percent quarter-on-quarter compared to the 0.3 percent decline estimated earlier. In the fourth quarter, GDP fell 0.3 percent.
Year-on-year, GDP dropped 1.6 percent in the first quarter, slightly faster than the previous estimate of 1.5 percent decline. In the December quarter, GDP was down 0.8 percent.
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