RTTNews - Thursday, the Statistical Service of the Republic of Cyprus announced that the gross domestic product or GDP decreased 1% year-over-year in the second quarter, compared with a revised 0.9% growth in the previous quarter, revised from 1.2% increase estimated initially.

On a seasonally and working day adjusted basis, the GDP decreased 0.7% annually in the second quarter, compared with a 0.8% growth in the preceding quarter.

Sequentially, the GDP dropped 0.5% in the second quarter, after falling 0.6% in the first quarter. A year earlier, the GDP was up 1%.

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