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Bigger recession in CY

07/04/2010 13:30
According to Eurostat data released on Wednesday, the Cypriot economy shrunk by 2.8% in the fourth quarter against 2.7% that the previous estimate was.

Compared to the third quarter of 2009, economy shrunk by 0.3%, as the previous estimate was.

In Greece, recession was milder. The Greek economy shrunk by 2.5% in the fourth quarter compared to the corresponding period of 2008 against 2.6% that the previous estimate was.

Compared to the third quarter of 2009, economy shrunk by 0.8%, as the previous estimate was.

In the euro area, in comparison with the same quarter of the previous year, seasonally adjusted GDP declined in the fourth quarter of 2009 by 2.2% in the euro area and by 2.3% in the EU27.

Euro area GDP was stable and EU27 GDP increased by 0.1% during the fourth quarter of 2009.