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Cyprus slowdown bad, but not as bad as earlier forecast

23/01/14 16:04 CET

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.

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