NICOSIA, Sept. 4 (Xinhua): Increased tourism arrivals have helped the recession of the crisis-stricken economy of Cyprus to considerably slow down in the second quarter this year, according to statistics released Wednesday.
The Statistics Service of the eastern Mediterranean island reported a seasonably adjusted 0.3 per cent shrinkage of GDP in the April-June period from the first quarter.
The year-on-year second quarter contraction of the economy was 2.3 per cent compared with a 3.9 drop for the first quarter.
Strong performance by the tourist sector, which marked a 6 per cent increase in arrivals and 8.9 per cent increase of revenue on a year-on-year basis in the first half of the year despite initial concerns about the impact of the Ukrainian crisis, is expected to help keep the recession this year to a projected 4.2 per cent.
Contraction last year, when Cyprus was bailed out by a 10-billion-euro assistance package offered by the Eurogroup and the International Monetary Fund, was 5.4 per cent, well below an original projection of about 8.2 per cent decline.
Tourism helps Cyprus\\\'s economic recession to slow down
FE Team | Published: September 05, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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