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Cyprus economy contracts in third quarter

The contraction of the Cyprus economy during the third quarter of 2009 is mainly due to negative growth rates in construction, hotels and restaurants, and negative performance in manufacturing, trade and transport services according to the latest government estimates.

ACCORDING to the Flash Estimate compiled by the Cyprus Statistical Service, the Gross Domestic Product (GDP) growth rate in real terms during the third quarter of 2009 is negative and estimated at -2.9% over the corresponding quarter of 2008.

Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at -2.7%.

GPP at Constant Prices (source: Cyprus Statistical Service)

GDP at Constant Prices (source: Cyprus Statistical Service)

The contraction of the economy during the third quarter of 2009 is mainly attributed to the very negative growth rates observed in Construction and Hotels and Restaurants as well as the negative performance of Manufacturing, Trade and Transport activities.

The Financial Intermediation activities as well as the broad Services sector continue to record positive growth rates but at a decelerating rate.

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