Brussels, 26/06/2014 (Agence Europe) - The governor of the Cypriot central bank, Chrystalla Georghadji, says that, based on recent developments, “the troika's projection of a 4.2 percent decline in growth for the full year (2014) is rather pessimistic”. After its recent monitoring visit, the troika of lenders (European Commission, European Central Banka and International Monetary Fund) revised down its recession forecasts from -4.8% to -4.2%. Georghadij said that recent figures revealed that the annual contraction of the economy was to the order of 4.1% in the first quarter of 2014, compared with 5% in Q4 of 2013. Cyprus therefore expects the figure for 2014 to be 4%. In May 2014, the EU's statistical body, Eurostat, revealed that recession in the Cypriot economy was not as bad as expected in the first quarter of 2014, falling by 0.7% of GDP (see EUROPE 11080). (EL)