RECESSION in Cyprus deepened in the last quarter of 2012 as virtually all sectors of the economy contracted.
On a quarterly basis, output contracted 1.0 per cent compared to a 0.7 per cent drop in the third. Year on year, the economy shrank 3.1 per cent after 2.0 per cent over the same periods, preliminary statistics department data showed yesterday.
All parts of the economy contracted with the exception of legal and accounting activities, it said.
Cyprus is negotiating an international bailout with the European Commission, the International Monetary Fund and the European Central Bank. Its aid package could reach up to €17.5 billion, almost equivalent to the size of its economy.
South Cyprus not all that is seems.