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Cyprus escapes official recession in Q4.

**But GDP down 0.5% over year earlier ** Cyprus just missed recording official recession in the fourth quarter of 2011, as GDP growth in seasonally adjusted terms stagnated compared with the previous quarter, after a decline of 0.8% q/q in the third quarter.

A recession is recorded when there are two consecutive quarters of quarter on quarter decline.

For quarter on quarter figures, seasonally adjusted figures give the more accurate picture.

However, in non-seasonally adjusted terms the economy did decline compared with the previous quarter, by 0.5%, after a 0.5% Q/Q decline in Q3.

Moreover, compared with the same period of the previous year, the economy contracted by a seasonally adjusted 0.5%--the same contraction that was recorded in Q3 according to revised figures.

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Publication:Financial Mirror (Cyprus)
Date:Feb 15, 2012
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