Cyprus recorded a seasonally adjusted 0.3% drop in output in April-June from the previous three months, the statistics office said, unchanged from its flash estimate released on August 14.

It was the slowest quarterly pace of decline since the first quarter of 2012. The tourism and trade sectors registered growth, the statistics office said.

Tourism represents about a 10th of the Cypriot economy.

Arrivals were up an estimated 6% in the first half of the year, while revenue from the sector rose 8.9% from January-May year-on-year, according to the latest official data available.

International lenders expect the island’s economy will shrink by about 4.2% this year, compared to a 5.4% contraction in 2013. On a yearly basis, the economy contracted 2.5% from April to June, compared to -3.9% in the first quarter of the year.

Source: Cyprus Mail