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Cyprus GDP grew by 3.9% in the First Quarter of 2008
2008-07-10 11:44:41

Brussels, July 9 - Gross Domestic Product in Cyprus grew by 3.9% in the first quarter of 2008 by comparison to the corresponding period of last year, according to estimates by Eurostat, the Statistical Office of the European Communities.

Among the Euro area member states, Cyprus recorded the second highest growth, compared with the first quarter of 2007. Slovenia with 5.7% recorded the highest growth rate among all Euro area member states.

In comparison with the previous quarter, Euro area GDP increased by 0.7%. In Cyprus the growth rate compared with the previous quarter was 1.0% and in Greece 1.1%.

Ireland and Portugal recorded negative GDP. Should the two Euro area members record negative growth rate in the second quarter as well, then technically it will be considered that they have entered a recession period.

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