Cyprus economy continued to be in recession in the second quarter of 2012, as the country's Gross Domestic Product (GDP) shrank by 2.3 percent in the April-June period comparing to the same time last year, the Cyprus Statistical Service said on Tuesday.

Negative growth rates were recorded in construction, manufacturing, and electricity sector, as well as in trade and transport.

Only the sectors of tourism and banking recorded positive growth rates in the April-June period.

Cyprus applied for EU and IMF bailout on June 25 in a bid to secure capital for its refinancing requirements and to bailout its banks that are heavily exposed to Greek debt.