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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ Cyprus is officially in recession ]

Cyprus is officially in recession

Cyprus is officially in recession
August 13, 2009 -

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.
The economy thus met the recession criterion of two consecutive quarters of quarter on quarter decline.
The initial estimates for the first quarter had shown zero growth rather than contraction, therefore new data coming in must have been more downbeat than the Statistical Service had initially estimated.
Compared with the same period of the previous year, real GDP also contracted, by 0.7% (seasonally adjusted) or 1.0% (not seasonally adjusted).
The detailed data will be released in a few weeks. In the meantime, the Statistical Service reported that there were “very negative growth rates” for hotels and restaurants and negative performances for manufacturing, construction, wholesale and retail trade and transport activities.
On the other hand, financial intermediation (banking) and broad services (mainly the public sector) continue to record positive growth rates but at a decelerating rate, said the Statistical Service.

(Source: Financial Mirror,

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