Hidden Bibliographic Details
| Varying Form of Title: | Cyprus, 2010 Article IV consultation
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| Other authors / contributors: | International Monetary Fund, issuing body.
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| ISBN: | 1283571048
9781283571043
9781455206414
1455206415
9781455291939
1455291935
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| Notes: | Online resource; title from PDF title page (IMF Web site, viewed May 26, 2011).
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| Summary: | 1. Cyprus is being affected by the global crisis with a lag, as it entered into recession in early-2009, about a year after the euro area as a whole. In the wake of euro adoption in early 2008, domestic consumption remained strong, buttressed by buoyant credit growth-mainly channeled to a booming real estate market-and a relaxation in the fiscal stance (Box 1). The banking sector weathered the financial turmoil relatively unscathed due to limited exposure to complex securitized products, but as trade partners became increasingly affected by the global slowdown, the tourism and construction sectors contracted sharply. As a consequence, Cyprus entered a shallow recession in early 2009, just as the euro area as a whole was bottoming out (Figure 1).
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