Cyprus posts growth for second successive quarter

GMT 16:14 2015 Friday ,14 August

Arab Today, arab today Cyprus posts growth for second successive quarter

Employees work on the production line at the Pittas Dairy Industries
Nicosia - AFP

Bailed-out EU member Cyprus is easing out of recession, official figures showed Friday, as the Mediterranean resort island notched up its second consecutive quarter of growth.

Seasonally adjusted data showed that the economy grew 0.5 percent in the second quarter of 2015.

That same period saw growth of 0.9 percent compared with the previous year, while year-on-year first quarter growth stood at 0.2 percent, the Statistical Service of Cyprus said.

Cyprus has suffered from more than three years of economic slowdown marked by deep austerity and tumbling wages.

The figures pointed to positive second-quarter growth in a variety of sectors including manufacturing, trade, hotels and restaurants, as well as transport and financial services.
But there was a contraction in construction, electricity, the arts and entertainment.

In return for 10 billion euros ($13 billion at the time) in aid from international lenders, Cyprus agreed in March 2013 to wind down its second- largest bank, Laiki, and impose losses on depositors in under-capitalised top lender Bank of Cyprus.

It also agreed to the harsh austerity measures.

The country aims to exit from the bailout programme in 2016 after record positive economic growth this year.


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