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Pantelis Leptos, chairman of the Cyprus Land and Building Developers Association, said property sales rose by 17 percent during the first four months
of 2015 relative to the same period last year.

"For the first time since March 2013 (when Cyprus was bailed out) the number of building licenses has stabilized with a parallel increase in both the value
and the volume of constructions," Leptos told Xinhua.

He added that most of the factors which had caused the decline Cheap Air Max 270 Flyknit , such as lack of liquidity, high lending rates, lack of trust and a climate of uncertainty and insecurity, have been eliminated.

"There is a series of positive developments which send out a clear message that better days lie ahead for both the construction sector and the economy in
general," said Leptos.

He pointed out that the constructions sector has the biggest single share in economy Cheap Air Max 270 , contributing between 16 and 17 percent in the eastern Mediterranean island's
Gross Domestic Product.

"Given its size and the fact that it can drag along many other sectors, a slight recovery can make a big difference in efforts to return to economic
growth," he said.

Cyprus received a 10-billion-euro financial assistance package in March 2013, after a recession which started in 2011 and caused the country to be shut out of
international markets. The bail-out was conditional on applying a strict
austerity program which involved restructuring public finances and resolving of
the the banking system.

The resolution of the banks, which had to recapitalize after suffering huge losses on account of the depreciation of the Greek sovereign debt in
2012 Nike Air Max 270 Womens Light Bone Sale , led to a steep rise in the number of non-performing loans and a sharp drop of property values.

The Cypriot economy performed much better than international creditors - the Eurogroup and the International Monetary Fund - have projected and is expected
to record a modest growth this year after 14 consecutive quarters of
contraction.

The increasing demand for housing was reflected in the slowdown of the decline of property prices during the first quarter of 2015.

Central Bank of Cyprus data just released showed that the drop in housing prices was the lowest ever - just 1 percent in the first quarter of 2015 from 2
percent in Q4, 2014. It was also the lowest since Q4, 2012, when the drop in
house prices started to accelerate.

On a year-on-year basis, the drop in property values amounted to 6.5 percent relative to a yearly drop of 8 percent in Q4 Nike Air Max 270 Mens Light Bone Sale , 2012.

The Central Bank said current property prices are at the level of 2006, when an excessive demand for housing loans led to an overheating of the property
sector.

WASHINGTON, May 29 (Xinhua) -- The severe wintry weather sent the U.S. economy into contraction in the first quarter, underlining the fact that the
world's largest economy is not recovering on a solid footing. It adds complexity
for the Federal Reserve to decide when to kick off the interest rate lift-off.

The gross domestic product (GDP) shrank at an annual rate of 0. 7 percent in the first quarter, marking the third quarterly contraction after the financial
crisis ended in mid-2009 Nike Air Max 270 Womens Flyknit Sale , according to the second estimate from the U.S. Commerce Department released Friday.

The 0.7 percent contraction in the first quarter was a reversal of the initial 0.2 percent expansion for the period projected last month by the
Commerce Department. The bitterly cold winter weather is blamed for pummeling
personal consumption and private inventory investment, dragging down growth to
the negative territory.

Exports were hard hit by tepid foreign demand and a stronger dollar. Consumers are saving the windfall from lower oil prices, weakening the key
engine of the world's largest economy.

Personal consumption increased 1.8 percent in the first quarter, compared with an increase of 4.4 percent in the fourth quarter of 2014. Nonresidential
fixed investment decreased 2.8 percent, in contrast to an increase of 4.7
percent in the previous quarter. Exports dived 7.6 percent Nike Air Max 270 Mens Flyknit Sale , against an increase of 4.5 percent in the fourth quarter.

Jason Furman, chairman of the Council of Economic Advisers, said although national average gasoline prices have fallen more than 1 U.S. dollar per gallon,
providing the equivalent of about a 700 U.S. dollars tax cut per household,
families appear to have put most of those gains in the bank.

Personal saving rate has risen by 0.6 percentage point over the past four quarters. Just over the past quarter Nike Air Max 270 Womens Sale , the personal saving rate rose 0.8 percentage point -- an unusually large increase, according to a White House statement.

The Federal Reserve has been cautious in kicking off the interest rate lift-off as it fears an abrupt tightening could jeopardize the hard-earn
recovery.

The U.S. economy shrank 0.7 percent in the second quarter of 2009 and contracted 2.1 percent in the first quarter of 2014, respectively.

Two consecutive quarterly contraction is seen as a symbol of recession. Most of the analysts expected the U.S. economy will rebound in the second quarter.

The Commerce Department will release the final estimate of the Q1 GDP on June 24.

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