23/01/14 16:04 CET
| updated xx mn ago
| updated at xx
There has been mixed news on Cyprus’s economy.
The Mediterranean island’s finance ministry says GDP likely shrank by 5.5 percent last year but that was better than the previously forecast, which was that it would decline 7.7 percent.
Resilient private consumption and solid tourism numbers played a big part.
Cyprus needed a 10 billion euros bailout from the European Commission and the IMF to avoid going bankrupt.
The Finance Ministry did not give any projections for 2014, but did say the economy still faces challenges amid a weak growth outlook.
Wires > Business
- 19:44 CET Liberty House Group confirms bid for Tata Steel UK
- 19:20 CET Germany’s Schaeuble rules out ‘big Greece crisis’ this year
- 19:09 CET Commerzbank helped foreign investors evade taxes – report
- 18:09 CET EU’s Juncker confident of Japan trade deal by year end
- 17:54 CET Halliburton aims to boost weak businesses after failed Baker…
- 17:50 CET Irregularities found in Areva-made components in French nuclear…
- 17:49 CET U.S. prosecutors consider more charges against ex-CEO Shkreli
- 17:43 CET Engie says Mestrallet’s chairman salary will go to charity