Cyprus hopes for growth despite slowdown

Cyprus hopes to be able to pull itself into growth this year, in spite of official forecasts of a contraction, Finance Minister Charilaos Stavrakis said.
"If you ask me I personally think that at the end of 2009 the growth rate will be positive," Stavrakis said in response to a question submitted in parliament.
His expectation is at odds with official estimates that the island will see a 0.5 percent contraction in GDP this year, after growth of 3.7 percent in 2008.
Cyprus technically fell into a recession in the second quarter of 2009, on a slowdown in construction activity and tourism.