Cyprus economy shrinks 0.4% in Q3

A worker puts up a Bank of Cyprus sign to replace the sign of Laiki (Popular) Bank at one of the failed bank's branches in Nicosia, on May 23, 2013Cyprus’s recession-hit economy contracted by 0.4 percent in the third quarter, matching the drop of the previous three months, official figures showed on Friday. It was the 13th successive negative quarter for the Mediterranean island’s battered economy, according to a flash estimate from the state statistical service, which also revised the second quarter drop to 0.4 percent from its initial estimate of 0.3 percent. The eurozone economy is still showing its slowest rate of decline since the first quarter of 2012. International lenders have revised down their contraction forecast for this year from 4.8 percent to 4.2 percent.

Share this article