Cyprus is officially in recession
As forecast by the IMF the Cyprus economy is faltering – Cyprus is officially in recession as other EU Countries, France & German announce that they are out of recession. The Cyprus Banking sector is slowing highlighting fears for the Property Development sector as house prices fall by 30%.
August 13, 2009 – www.financialmirror.com
Cyprus officially recorded a recession in April-June, as GDP contracted over the previous period for the second quarter in a row.
According to the latest “flash” estimate from the Statistical Service, real GDP (seasonally adjusted) contracted by 0.5% in the second quarter, having shrunk by 0.6% in the first quarter.
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