Cyprus economy contraction better than Troika projections

Cyprus economy contracted by 5.4% in real terms in 2013, the Statistical Service said recently in a first estimate.

“The growth rate in real terms is estimated at -5,4% in 2013, compared to -2,4% in 2012,” it said. Cyprus GDP for the year 2013 is provisionally estimated at €16.503,7 mn at current prices compared to €17.720,2 mn in 2012 and €14.004,9 mn at constant 2005 prices (chain linking method) compared to €14.806,1 mn in 2012.

The country’s international lenders have estimated that the output in 2013 has contractedby about 6%, while modest growth is expected in 2015. The lenders revised projections for a 7.7% contraction in 2013, while the initial estimates, included in the adjustment programme agreed with the Troika in March 2013, projected a downturn of 8.7%.

Source: Financial Mirror