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Cyprus economy contraction better than Troika projections.

Cyprus economy contracted by 5.4% in real terms in 2013, the Statistical Service said on Tuesday in a first estimate.

"The growth rate in real terms is estimated at -5,4% in 2013, compared to -2,4% in 2012" it said.

Cyprus GDP for the year 2013 is provisionally estimated at e1/416.503,7 mn at current prices compared to e1/417.720,2 mn in 2012 and e1/414.004,9 mn at constant 2005 prices (chain linking method) compared to e1/414.806,1 mn in 2012.

The country's international lenders have estimated that the output in 2013 has contracted by about 6%, while modest growth is expected in 2015. The lenders revised projections for a 7.7% contraction in 2013, while the initial estimates, included in the adjustment programme agreed with the Troika in March 2013, projected a downturn of 8.7%.

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Publication:Financial Mirror (Cyprus)
Geographic Code:4EXCY
Date:Mar 19, 2014
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