Cypriots couldn’t be blamed for staging revolt

The CSO released economic growth data for the final quarter of 2012 yesterday and we now have a full picture of what the economy actually did for the full year.

The year turned out largely as expected. Gross domestic product (GDP) expanded by 0.9%. This is the second year in a row that GDP enjoyed annual growth. Consumer spending on goods and services fell by 0.9%: business investment spending increased by 1.2% and exports of goods and services expanded by 2.9%.

What does all of this mean? Well, consumer spending continued to be hampered by factors that all of us consumers can relate to — the ongoing savage fiscal correction, job losses, pressure on wages, excessive personal debt and a lack of confidence about the future.