Cyprus economy on the right track for 2015
The European Commission’s (EC) autumn forecast for the economic situation of Cyprus has been very positive. The EC said that the recession in Cyprus has been milder than anticipated this year and a modest economic recovery is expected to begin in 2015 and strengthen in 2016 in line with the rest of the European Union.
Government spokesperson Nikos Christodoulides stated that: “The recession has completed its cycle, unemployment is on a declining course after several years, the public finances are under control and we can now look to the future with optimism”. Additionally he added that positive growth rates for the Cypriot economy are also demonstrated by the Commission’s projections, which refer to the government deficit being stabilised in 2015 and decreased significantly by 2016. More precisely, in the two following years the economy is expected to gradually regain momentum, mainly driven by net export.
Moreover, Christodoulides stated that these predictions are seen as a continuation of the recent sovereign upgrades by rating agencies, but also of the successful results of the stress tests of the island’s four systemic banks.
Cyprus’ Financial Minister, Mr Georgiades also commented on the forecast projections, that the government will continue its efforts in order to create a more viable economy for Cyprus. He added: “We are on the right track, the track of recovery. We still have some way to go, but if we remain committed and serious I am totally convinced that we will make it”.
Sources
Financial Mirror, 6.11.14, EC: Cyprus to see modest recovery in 2015
InCyprus , 10.11.14, Economy on the right track, says FinMin
Economy on the right track, says FinMin
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