Cyprus's economic contraction slows down in Q1

(MENAFN) According to data released by the Cyprus Statistical Service, economic contraction in Cyprus slowed down in the January-March period of 2014, Xinhua reported. The country's Gross Domestic Product (GDP) decreased by 0.7 percent in the first quarter, compared to 0.8 percent during the previous quarter. Forecasts show that the country's economy is expected to return to a modest 0.9 percent growth in 2015. Meanwhile, non-performing loans in the country increased by USD288.6 million to a total of USD36.44 billion.