Cyprus GDP dips 0.7 percent in Q1

Cypriot gross domestic product contracted by 0.7 percent in the first quarter of 2014, a slight improvement on the 0.8 percent drop in the previous three months, the latest official estimate showed on Friday.

The figure is the same as given in a flash estimate by the state statistical service on May 15.

It showed that real GDP shrank by 4.1 percent in the first quarter from a year earlier, compared with a year-on-year drop of 4.9 percent in the previous three months.

Last year, cash-strapped Cyprus received a 10-billion-euro bailout from the European Commission, European Central Bank and International Monetary Fund in exchange for adopting a harsh austerity plan and reorganizing the banking sector.

The struggling economy has performed better than expected, and the government has won praise for sticking to the austerity program.