There has been mixed news on Cyprus’s economy.<br /><br />The Mediterranean island’s finance ministry says GDP likely shrank by 5.5 percent last year but that was better than the previously forecast, which was that it would decline 7.7 percent. <br /><br />Resilient private consumption and solid tourism numbers played a big part.<br /><br />Cyprus needed a 10 billion euros bailout from the European Commission and the IMF to avoid going bankrupt. <br /><br />The Finance Ministry did not give any projections for 2014, but did say the economy still faces challenges amid a weak growth outlook.
