(MENAFN) According to Cyprus' central bank governor, the country is expected to revise to growth next year, while this year's slowdown should be lower than expected, Gulf News reported.
The governor forecasted that 2015's growth would stand at 0.5 percent, while a forecast by the European Commission of a 2.8 percent contraction in the island's economy this year was real.
Authorities had previously forecasted a 2014 contraction of 3.2 percent. Data in November put the annualized fall in output at -2.2 percent in the third quarter, from -2 percent in the second quarter.
"I'm optimistic 2015 will be a year where Cyprus will return to growth, the signs of recovery are faster," the governor told parliament's financial affairs committee.
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