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Cyprus officially announces that island's economy is out of recession.

Posted on: 8/20/2015 7:37:06 AM under General News

Cyprus formally declared its economy to be out of recession, less than two and a half years after it was bailed out by the Eurogroup and the IMF.

Cyprus entered into an economic adjustment program when it signed a 10-billion-euro financial assistance accord in March 2013, after 11 consecutive quarters of recession that forced it out of international markets.

Averof Neophytou, Governing DISY party leader, said official estimates show that the growth at the end of the year will not just be a meagre one, but might reach a 2.0 percent, against a recession of 2.5 percent in 2014.

Government spokesman, Victor Papadopoulos, added "It means that we are on the road to development, which will gradually lead to the reduction of unemployment and non-performing loans".

Unemployment currently is estimated to be 15% but is going down. In the meantime, non-performing loans are the biggest headache for banks, which have to handle bad loans amounting to 26.9 billion euros, or 45.85 percent of total loans.

Source: Famagusta Gazette

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