Cyprus's GDP contracted by 0.6 percent in the fourth quarter of 2014, compared with 0.9 percent in the previous three month, beating a flash estimate made last month, official figures showed Wednesday. As a result, the economy suffered its 14th successive quarterly contraction, according to figures from the state statistical service.
Wednesday's figures compared with a February estimate of a 0.7 percent decline in fourth-quarter growth compared to a third quarter retreat of 0.3 percent. Year on year, however, real GDP on a seasonally and working-day adjusted basis, shrank 2.0 percent in the fourth quarter compared with a flash estimate of 1.9 percent.
In July-September the economy also contracted 2.0 percent year on year, from the previous 1.8 percent estimate. In November, the European Commission cut its 2015 growth forecast for Cyprus to 0.4 percent, from a previous estimate 0.9 percent, due to high unemployment and bad debt.
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