Thursday Jul 31, 2014 Search
Weather | Athens
32o C
25o 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)  
Russia may restrict Greek fruit imports
Greek retail sales drop 3.8 pct y/y in May
Euro bonds in seven-month surge as ECB boosts Italy to Germany
Greece may ignore EU and lower energy costs for business, says minister
Oppositions bid to remove articles from forestry bill fails
Parliament rejected an appeal on Thursday by opposition parties to have some parts of a forestry bill deemed unconstitutional and removed from the legislation package. The coalition majority...
Man dies after being shot outside his house near Thessaloniki
A man has died and two others are being treated in the hospital after a shooting in Dendropotamo near Thessaloniki on Thursday. The dead man has been identified as a 60-year-old Roma, who wa...
Inside News
SOCCER
Goalless draw at Liege puts Greens in driving seat
Panathinaikos got the upper hand in the battle for entry to the Champions League playoffs after snatching a goalless draw at Standard Liege on Wednesday. If anything, the Greek cup holders m...
SOCCER
Greek league recruits former referee Dallas
Former referee Hugh Dallas has been appointed as the head referee of the Greek Super League, the Hellenic Football Federation (EPO) said in a statement on Wednesday. The 56-year-old Scot ear...
Inside Sports
COMMENTARY
Summer turbulence
High summer temperatures appear to have messed with the reflexes of officials at the top echelons of Greeces power-sharing administration. A sense of anxiety has gripped the political syste...
EDITORIAL
Capital upgrade
After years of financial troubles, the city of Athens is finally buzzing with tourists. Despite some encouraging figures however, the Greek capital has not quite managed to become a destinat...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Russia may restrict Greek fruit imports
2. Greek retail sales drop 3.8 pct y/y in May
3. Oppositions bid to remove articles from forestry bill fails
4. Euro bonds in seven-month surge as ECB boosts Italy to Germany
5. Man dies after being shot outside his house near Thessaloniki
6. Greece may ignore EU and lower energy costs for business, says minister
more news
Today
This Week
1. Motorists refusing to pay tolls on Corinth-Kalamata highway to be monitored
2. Euro flows reveal shift in sentiment as losses mount
3. EU puzzles over emergency funds for euro area bank crisis agency
4. Only 5 percent of stores see brisker business during this year's summer sales
5. Fake psychic caught in Thessaloniki after gaining 35,000 from victim
6. Greece may ignore EU and lower energy costs for business, says minister
Today
This Week
1. Quadriplegic woman on life support 'dies due to unpaid power bills'
2. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
3. Defense Minister Avramopoulos to represent Greece at European Commission
4. Wine cup used by Pericles found in grave north of Athens
5. Front-line threats
6. Greece names fifth privatization agency chief in four years
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.