Tuesday March 3, 2015 Search
Weather | Athens
20o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cyprus sees GDP shrinking 5.5 pct in 2013, less than first thought

Cyprus's economy probably shrank 5.5 percent last year, less than previously forecast, thanks to resilience in private consumption and the contribution from tourism, the finance ministry said.

Cyprus, which received 10 billion euros in aid from the European Commission and the IMF to avert a default, had previously estimated a 7.7 percent fall in gross domestic product for 2013. That had also been revised from earlier expectations of a 8.7 percent contraction, defined in its EU/IMF economic adjustment program.

A Finance Ministry document, dated Jan. 22, did not offer specific forward guidance on recession projections for 2014, but said the economy still faced challenges amid a weak growth outlook.

In December, the IMF trimmed its forecast for the island's economic contraction to 7.7 percent from 8.7 percent, but it stuck by its initial forecast for a cumulative economic downturn of 13 percent for the 2013-2014 period.

The IMF also warned that Cyprus's efforts to extricate itself from debt would weigh on output for the next decade.

Cyprus closed a major bank and confiscated deposits in a second bank to recapitalize it under terms of its international bailout. Controls to prevent a flight of capital are still in place - a first for a euro zone member nation. [Reuters]

ekathimerini.com , Thursday Jan 23, 2014 (16:23)  
Stock market inches up in day of low turnover
Greece taps public sector cash to help cover March needs
Greece poised for recession as uncertainty takes its toll
Ministry denies Varoufakis spoke to creditors to discuss Eurogroup
Two con men get crash course in karma in Kilkis
Two brothers who posed as tax officers on Tuesday in order to swindle 350 euros from an 80-year-old man in a village in Kilkis, northern Greece, were in hospital later in the day after a car...
Talk of third Greek bailout gains ground in Europe
Fresh talk of a third international bailout for debt-hit Greece spread through European capitals on Tuesday, despite Brussels insisting it was far too soon to start discussing any new rescue...
Inside News
SOCCER
Marinakis fines Olympiakos players
Olympiakos president Evangelos Marinakis on Monday fined the team 500,000 euros for disappointing performances and called on them to make a sacrifice to win trophies or leave. "Olympiakos ...
SOCCER
Olympiakoss Karembeu confident UEFA on top of racism
Olympiakos strategic advisor Christian Karembeu expressed his confidence on Tuesday that UEFA are getting to grips with racism in soccer after suffering abuse during the recent Greek derby a...
Inside Sports
COMMENTARY
Greece and the four month window of opportunity
As the dust begins to settle after the Eurogroup agreement extending the loan facility to Greece by four months, it is a good moment to have a look at where we should go from here. Much has ...
COMMENTARY
The Greek tax drama
Numbers alone can never interpret reality, not even a strictly financial one. Besides, the art of creative accounting has a number of fans in this country, many more, for the time being, tha...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Two con men get crash course in karma in Kilkis
2. Marinakis fines Olympiakos players
3. Stock market inches up in day of low turnover
4. Olympiakoss Karembeu confident UEFA on top of racism
5. Greece taps public sector cash to help cover March needs
6. Talk of third Greek bailout gains ground in Europe
more news
Today
This Week
1. The Greek tax drama
2. Draghis QE moves to starting line as economic outlook brightens
3. Varoufakis to make six reform proposals at Monday's Eurogroup
4. Convicted Conspiracy of the Cells Fire member to face magistrate
5. Investor survey shows 38 pct chance of eurozone break-up in 12 months
6. Greece approved as recipient of EBRD funding through 2020
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. Spain said to lead push to hold Greece to terms as Podemos grows
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
Advertiser Link
AMF PROJECT FINAL CONFERENCE-REGIONAL UNIT OF THESPROTIA
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.