Friday Jan 30, 2015 Search
Weather | Athens
16o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Tourism takes edge off Cyprus recession

Buoyed by tourism income, Cyprus’s recession-hit economy contracted by a slower 0.3 percent in the second quarter, down from the 0.6 percent drop in the previous three months, official figures showed on Wednesday.

Although it was the 12th successive negative quarter for the Mediterranean island’s battered economy, the figures were unchanged from a flash estimate issued on August 14.

It is the slowest rate of decline since the first quarter of 2012.

The latest estimate shows that real GDP, based on seasonally and working day-adjusted data, shrank 2.5 percent in the April-June quarter of 2013.

In January-March the economy contracted 3.9 percent.

International lenders have revised down their contraction forecast for 2014 from 4.8 to 4.2 percent.

The Cyprus economy contracted 5.4 percent in 2013.

Due to high unemployment, hovering at around 17 percent, and a mountain of bad debt, the expected recovery next year has been halved from the initial 0.9 percent lenders predicted to 0.4 percent.

The state statistical service said on Wednesday there were positive growth rates in tourism and trade.

But there was negative growth in many other sectors, including construction, manufacturing, transport and banking.

Tourism has been the one bright spot in the economy, with January-July arrivals up 5.9 percent on last year and revenues improving 8.6 percent in the first five months.

Tourist income accounts for around 10 percent of GDP.

[AFP]

ekathimerini.com , Wednesday September 3, 2014 (20:34)  
Greece to cancel gas utility sale, opposes Canadian gold mine
Berlin: Greek aid extension only makes sense if Athens upholds reforms
Pimco says Greek bonds illiquid, volatile until accord reached
Draghi deflation challenge underlined as prices plunge by record
Trial over Greek Cup locker room entry to continue Monday
An appeals court in Athens is due to decide on Monday whether Olympiakos chairman Vangelis Marinakis and deputy chairman Savvas Theodoridis should face further action over their decision to ...
Wet, windy weather set to persist in Greece through weekend
The wet and windy weather that hit most parts of Greece on Thursday and Friday is expected to persist through Sunday, the national weather service said on Friday. Rain and thunderstorms are ...
Inside News
SOCCER
Gattuso: Unpaid OFI players couldn´t buy food
Former coach Gennaro Gattuso has lifted the lid on the plight of crisis-club OFI Crete which has been banned from playing in the Super League until it clears mounting debts with its staff. T...
SOCCER
Olympiakos draws AEK in Cup quarterfinals
The dream draw of Olympiakos vs AEK in the quarterfinal materialized on Friday, as two of the capital's three giants will face off in a two-leg tie for a place in the semifinals of the Greek...
Inside Sports
INTERVIEW
SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
“SYRIZA must realize that it is now the Greek government, not a party running an election campaign,” European Parliament President Martin Schulz, the first European official to visit Greece ...
COMMENTARY
Strange haste
The members of the new government must have a lot of confidence in themselves. Several days before announcing his program, Prime Minister Alexis Tsipras and his cabinet have opened up a mult...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Trial over Greek Cup locker room entry to continue Monday
2. Wet, windy weather set to persist in Greece through weekend
3. New Greek PM Tsipras in Italy, France next week
4. Gattuso: Unpaid OFI players couldn´t buy food
5. Greece sets up cash crunch for March telling EU it’s over
6. Greece warned against reversing bailout deals
more news
Today
This Week
1. SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
2. Why Greece went left while Europe turns to right
3. Capital flees Greece at fastest pace since 2011
4. Greek government's signals very mixed, ECB's Jazbec says
5. Monastiraki restaurant fire prompts panic, restricted before spread
6. EU's Schulz: Greece should follow EU line on Russia
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greek Elections 2015: The day after | LIVE
5. SYRIZA's win will test institutions
6. Poll shows SYRIZA leading ND by 4 pct
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.