(MENAFN) Cyprus is set to retain growth in 2015 with a forecast of 0.5 percent GDP growth from a decline of 2.3 percent in 2014, The Peninsula Qatar reported.
According to the European Central Bank chief, Cyprus's economy was thus hindered by lagging structural reforms and a struggling Russian economy.
The chief insinuated that Cyprus is on the right track to exit the excessive deficit procedure two years ahead of the 2016 deadline.
"We know the Cyprus people have made considerable sacrifices, it is therefore encouraging to see that there are signs of stabilization and recovery on the horizon," the chief said in a statement.
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