Cyprus’ economy contracted 1.0% in the last quarter of the year on a quarterly basis, flash data showed recently, leaving a yearly contraction of 5.3%.
The figure beat finance ministry assessments of a recession of 5.5% for 2013, and a forecast of 6.0% by international lenders, who came to Cyprus’ aid with a €10 billion loan in early 2013. The island’s statistics department said Cyprus registered contracting rates in most sectors, with the exception of tourism.
Source: Cyprus Mail
