BUSINESS

Cyprus economy shrinks 0.8 pct in Q4 2013

Cyprus’s recession-hit economy contracted by 0.8 percent in the fourth quarter of 2013, a slight improvement on the 0.9 percent drop in the previous three months, revised official data showed on Tuesday.

A flash estimate issued last month had the economy declining 1 percent in Q4 from 1.1 percent in Q3.

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 the cash-strapped eurozone country out in March 2013.

The latest estimate shows that real GDP, based on seasonally and working-day adjusted data, shrank 5 percent in the fourth quarter from a year earlier.

[AFP]

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