Cyprus Gross Domestic Growth (GDP) grew by 0.6% in the third quarter of 2008, confirming the Cypriot economy's strong resistance to the global financial crisis, according to figures released today by Eurostat, the European Union's Statistical Service.
Cyprus' GDP for Q3 2008 increased to 3.5%, recording a 0.6% growth compared to Q2, which constitutes one of the best performances in the Euroarea, which entered a technical recession recording a 0.2% decline both in Q3 and Q2.
The whole EU27 did not enter technical recession because the GDP declined by 0.2% in Q3 but recorded a zero growth in Q2.
On a yearly basis, Cyprus' GDP reached 3.5% the same as 2007 second quarter, while the Euroarea average grew by 0.6% compared to Q3 2007.
Source: Financial Mirror
