articles | 14 February 2014

Cyprus GDP -5.3% year-on-year

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

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