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Deep in recession

Nicosia - Cyprus recorded the deepest recession in Europe during the second quarter of the year and has been the fastest shrinking economy since last year.
Among Member States for which data are available for the second quarter, Portugal (+1.1%) recorded the highest growth compared with the previous quarter, followed by Germany, Lithuania, Finland and the United Kingdom (all +0.7%).
While Cyprus (-1.4%), Slovenia (-0.3%), Italy and the Netherlands (both -0.2%) and -0.1% for Spain registered the largest decreases.
Although the eurozone pulled out of recession during the course of the second quarter, according to second estimates, Cyprus and Greece recorded the highest recession, on an annual basis from April-June 2012 to April-June 2013.
The percentage change in the second quarter, compared with the same quarter of the previous year, was -5.2% in Cyprus, -4.6% in Greece, -2.2% in Slovenia, -2% in Italy and Portugal, -1.8% in the Netherlands and -1.6% in Spain.
After staying in recession for four successive quarters, eurozone countries recorded positive GDP growth by 0.3%, while the 28 EU Member States grew by 0.4%.
On an annual basis, comparing the second quarter of 2013 to the corresponding quarter in 2012, eurozone GDP receded by 0.5% while remaining stable in the EU.
Countries recording positive rates were Belgium, Estonia and Portugal with 0.1%, Austria 0.2%, Slovakia 0.3%, France 0.5%, Finland 0.7% and Germany 0.7%
The rate remained stable in Finland while countries recording positive rates were France with 0.3%, Germany with 0.5%, Slovakia with 0.8% and Estonia 1.4%.
During the second quarter, household final consumption expenditure rose by 0.2% in both the euro area and the EU (after -0.2% and 0.0% respectively in the previous quarter). 
Exports rose by 1.6% in the euro area and by 1.7% in the EU (after -1.0% and -0.6%) and Imports Increased by 1.4% in the euro area and by 1.2% in the EU27 (after -1.1% and -0.9%). 


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