Page "Economy of Cyprus" Paragraph 5

However, after more than three decades of unbroken growth, the Cypriot economy contracted in 2009.

This reflected the exposure of Cyprus to the global recession and European sovereign debt crisis.

In recent times, concerns have been raised about the state of public finances and spiralling borrowing costs.

Furthermore, Cyprus was dealt a severe blow by the Evangelos Florakis Naval Base explosion in July 2011, with the cost to the economy estimated at € 1 – 3 billion, or up to 17 % of GDP.