ECB's Orphanides: Cyprus's Economy May Contract More Than 1% In 2009

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Cyprus' economy is likely to contract by more than 1% this year, European Central Bank Governing Council member Athanasios Orphanides said Friday.

He warned that the country's budget deficit would be higher than the EU ceiling of 3% of gross domestic product in 2010 and 2011 if the government fails to take necessary actions.

Latest set of forecasts from the European Commission showed that the island economy may shrink 0.7% this year and may log a mild recovery next year.

Cyprus' economy is likely to contract by more than 1% this year, European Central Bank Governing Council member Athanasios Orphanides said Friday. (Market News Provided by RTTNews)