BUSINESS

Cyprus Q4 GDP fell less than in Q3

Cyprus’s recession-hit economy contracted by 1 percent in the fourth quarter of 2013, a slight improvement on the 1.1 percent drop in the previous three months, an official flash estimate said on Friday.

But the 10th successive quarterly decline in the Mediterranean island’s economy was milder than predicted by the government and the international lenders who bailed out the cash-strapped eurozone country last March.

The latest figures from the statistical services also showed that real GDP, based on seasonally and working-day adjusted data, shrank 5.3 percent in the fourth quarter from a year earlier.

In January, the Finance Ministry had forecast 2013 GDP would fall by 5.5 percent.

That compared with a previous estimate of a 7.7 percent decline, itself revised downward from one of 8.7 percent anticipated at the time the bailout was secured.

The forecast is for GDP to decline by another 4.8 percent this year before posting 1 percent growth in 2015.

[AFP]

Online