Cyprus Q1 GDP Dipped 0.7%, Slightly Better than Q4
Cypriot GDP contracted by 0.7 percent in the first quarter of 2014, a slight improvement on the 0.8 percent drop in the previous three months, the latest official estimate showed on Friday.
The figure is the same as given in a flash estimate by the state statistical service on May 15.
It showed that real GDP shrank by 4.1 percent in the first quarter from a year earlier, compared with a year-on-year drop of 4.9 percent in the previous three months.
Last year, cash-strapped Cyprus received a 10-billion-euro ($13.6 billion) bailout from the European Commission, European Central Bank and International Monetary Fund in exchange for adopting a harsh austerity plan and reorganising the banking sector.
The struggling economy has performed better than expected, and the government has won praise for sticking to the austerity programme.
Source: Agence France Presse
| Copyright © 2012 Naharnet.com. All Rights Reserved. | https://www.naharnet.com/stories/en/133838 |