Cyprus's economy to stay in recession this year| MENAFN.COM

Friday, 01 July 2022 04:07 GMT

Cyprus's economy to stay in recession this year

(MENAFN) According to a survey by the University of Cyprus, the island's suffering economy will remain in recession in 2015, although it has been shrinking at a slower pace than 2014, The Peninsula Qatar reported.

Gross domestic product (GDP) will contract by 0.4 percent compared with an expected 2.2 percent decline for 2014, the university's economic research center said in the published survey.

The forecast is less than those of the government and the island's international lenders, which predict that the economy will exit recession, with growth of around 0.5 percent, after three years of relentless gloom.

A delay in structural reforms and the high percentage of non-performing loans would put a brake on recovery. It said the knock taken by the economy of Russia would also affect the island's ability to shake off recession.

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