Cyprus remains in recession

Cyprus remained in recession in the first quarter of the year but with a shallower decline in output on a quarterly and yearly basis, preliminary data showed on May 15 2014.

The statistics department said the island’s state recorded a 0.7 per cent decline in gross domestic product (GDP) in the first quarter of the year on a quarterly basis, and a 4.1 per cent decline on a year on year basis.

In the last three months of 2013 Cyprus recorded a 0.8 per cent contraction on a quarterly basis and 5.0 percent annual output decline. The bailed-out island has not seen any sign of growth since the second quarter of 2011.

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(Photo: Melissa Wall/