According to the latest news from WorldWay Investment: 6 April, the European Union Statistics Office 4 released data showing that in the first quarter of this year, Cyprus's economy contracted by 0.7%, which is lower than the decline of 0.8% in the fourth quarter of last year.
International rescue organizations, including the Eurogroup and the International Monetary Fund, reached a 100 billion euro rescue agreement with the Cyprus government last March. According to the agreement, Cyprus is required to adjust its economy. The international rescue organizations have just completed the fourth round of assessments of Cyprus's economic adjustment program, and the results are satisfactory.
International rescue organizations currently predict that Cyprus's economy will shrink by 4.8% this year, a significant decrease from previous forecasts, and is expected to achieve a growth of 0.9% next year.
Due to the significant losses suffered by the domestic banking sector as a result of the Greek debt crisis, Cyprus applied for assistance from the European Union and the International Monetary Fund in June 2012.
