Cyprus' financial performance has exceeded expectations, according to its financiers, including the European Union (EU) and the International Monetary Fund (IMF), who stated that the adjustment program is on track.
Cyprus is an island nation in the Mediterranean, and after suffering billions of euros in losses due to the Greek debt crisis in 2013, it became the fifth country in the Eurozone to seek assistance from the EU and the IMF.
The European Commission, the European Central Bank, and the IMF jointly announced that Cyprus' GDP is expected to shrink by 4.8% in 2014, followed by a growth of 1% in 2015. The country's GDP shrank by 6% in 2013, with the economic decline being less severe than anticipated.
