The Cypriot economy has grown for the first time in nearly four years

According to Cyprus Mail, recent statistics has shown that the island’s economy has grown by 1.6 percent in the first quarter, which is a significant change ever since Cyprus was forced to accept a financial bailout. Economic output from January to March also rose by 0.2 per cent (seasonаlly adjusted) on a year-on-year basis, improving from the fourth quarter of last year when the economy shrank a revised 1.8 per cent.

The statistics department has indicated that the private demand for trade, hospitality and professional services grew in the first quarter, focused on.

At the moment Cyprus is going through a three-year economic adjustment program, as mandated by the EU and the IMF. The program is scheduled to be completed in the beginning of the year 2016.

In its May 5 forecast, the European Commission said Cyprus’ economy would contract by 0.5 per cent in 2015 before returning to growth next year with an expansion of 1.4 per cent. (Reuters)