The Cypriot economy shrank by 3% in the fourth quarter of 2012 , amid economic downturn in the Euro area and the EU-wide economy, as the sovereign crisis continues to weigh down Europe`s economy.
According to figures released on Thursday by Eurostat, the Cypriot GDP shrank in Q4 by 3% year on year, marking four consecutive quarters of decline.
However the Euro area remained into technical recession, as the GDP declined for a third consecutive quarter. On an annual basis, Euro area GDP declined by 0.9% whereas EU-wide DGDP declined by 0.6%.
Furthermore, the financial downturn is not limited to member-states under financial assistance programme, as the German economy, Europe`s strongest economy, declined by 0.4% compared with the previous quarter.
On a quarterly basis, Cypriot GDP declined by 1.0% whereas the Euro area GDP declined by 0.6% and the EU-wide economy declined by 0.5%.