Recession is deepening according to EUROSTAT

 

Statement by Georgos Louciades, AKEL C.C. Spokesperson

AKEL C.C. Press Office, 13th February 2015, Nicosia

 

President Anastasiades and Finance Minister Haris Georgiades do not let an opportunity go by without proclaiming that the Cyprus economy has turned the page and is on the path of recovery.

However, today’s announcement by the Statistical Office of the European Union “EUROSTAT” paints a different picture. According to EUROSTAT, the recession in Cyprus has not passed, but is worsening.

The Cyprus economy recorded in the fourth quarter of 2014 a negative growth of -1.9% compared to the same period in 2013. This is the worst performance among all the EU countries by far.

Consequently, the official figures say one thing and the pronouncements of the Government something completely different, which seems to have departed from reality itself.