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Cyprus Enjoying Rising Economy

11/13/2018

The European Commission forecasts the maintaining of the dynamics of fruitful economic activity in Cyprus, with growth rates reaching 3.9% in 2018, 3.5% in 2019 and 2.9% in 2020.

According to the forecast package presented by Commissioner Pierre Moscovici, in Cyprus public debt is declining from 105% in 2018 to 98.4% in 2019 and 91% in 2020, while the budget will have a surplus of + 2.8% , + 3% and + 2.9% for the current and the next two years and inflation will reach 0.8%, 1.3% and 1.4%, respectively.

At the same time, the Commission predicts a sharp decline in unemployment from 8.2% in 2018 to 6.3% in 2019 and 4.8% in 2020. More specifically, according to the EC "economic activity is forecast to remain strong, driven by domestic demand, unemployment is expected to continue its rapid decline.

 

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