Cyprus’s economy will contract 0.5 percent this year compared with a previous forecast for growth of 0.2 percent, according to a presentation posted Wednesday on the website of the Nicosia-based Finance Ministry.

The East Mediterranean island will see its economic output grow 0.5 percent in 2013, 1 percent in 2014 and 1.5 percent in 2015, according to the document. [Bloomberg]- Ekathimerini.com