Insider Business IMF revises Cypriot economy growth projections upwards

IMF revises Cypriot economy growth projections upwards

The International Monetary Fund (IMF) has upwardly revised its projections on the Cypriot economy’s growth for 2018 and 2019 at the World Economic Outlook published this October, expecting a growth rate of 4.0% and 4.2% respectively.

For 2019 in particular, the IMF`s review is greater by 1.2 percentage units while for 2018 it is higher by 0.4 of a percentage unit, compared to the spring projections published last April. The international body expected then that the Cypriot economy would grow at a rate of 3.6% in 2018 and 3.0% in 2019. In 2017 the Cypriot economy grew by 3.9%.

The IMF also estimates that unemployment will gradually drop from 11.1% in 2017, to 9.5% in 2018 and 8% in 2019, compared to 10.0% and 9.1% respectively that it had projected last April.

It further projects that inflation will be recorded at 0.8% in 2018 and 1.8% in 2019 compared to 0.7% last year. In its spring projections it said it had expected 0.4% inflation for this year and 1.6% in 2019.

The IMF expects a significant drop of the current account deficit in 2018 to 3.1% of GDP compared to 6.7% in 2017. However, it projects that it will increase by 5.2% of GDP in 2019.

(Cyprus News Agency)

Top Stories

127 new cases of COVID-19 on Wednesday

The Health Ministry announced 127 new COVID-19 cases on 21 October, out of 3,309 laboratory tests, taking confirmed infections to 2, 966. The break-down of...

Non-reversible damage to the sight of five patients operated for cataract

The damage to the sight of five out of the eight patients who were operated for cataract and presented serious complications due to infection...

Committee to prepare list of animals for pet shops; reactions

For the first time in Cyprus a list will be prepared with the animals that can be sold in pet shops, however, the issue...

Medical Association on Cyprus’ epidemiological situation

The Cyprus Medical Association is once again asking the public and businesses to make sure not to violate any protocols and to dutifully respect...

15-year-old missing since 20 October (PHOTO)

Police are looking for 15-year-old Antzel Ioannou, who has been reported missing from her place of residence in Nicosia since yesterday, 20 October. Ioannou is...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...