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Cyprus remains mired in recession in first quarter

CM photo archive: Food bank in Larnaca

Cyprus remained in recession in the first quarter of the year but with a shallower decline in output on a quarterly and yearly basis, preliminary data showed on Thursday.

The statistics department said the island state recorded a 0.7 per cent decline in gross domestic product (GDP) in the first quarter of the year on a quarterly basis, and a 4.1 per cent decline on a year on year basis.

In the last three months of 2013 Cyprus recorded a 0.8 per cent contraction on a quarterly basis and 5.0 percent annual
output decline.

The bailed-out island has not seen any sign of growth since the second quarter of 2011. Cyprus received an international bailout of 10 billion euros in 2013 after its banking sector imploded from risky lending and heavy exposure to indebted Greece.

Declines in output were recorded in most secondary sectors of the economy including trade and banking, the statistics department said.
International lenders expect Cyprus’ output will fall by about 4.8 per cent this year. (Reuters)

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