Cyprus Mail
Business Cyprus

Cyprus GDP -5.3 per cent year-on-year

Cyprus’ economy contracted 1.0 per cent in the last quarter of the year on a quarterly basis, flash data showed on Friday, leaving a yearly contraction of 5.3 per cent.

The figure beat finance ministry assessments of a recession of 5.5 per cent for 2013, and a forecast of 6.0 per cent 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.

 

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