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

CoE committee welcomes efforts to uphold national minority rights, but improvement needed

  A “general climate of tolerance” prevails in Cyprus, in particular towards the three constitutionally recognised national minorities: the Armenian, Maronite and Latin (Roman Catholic)...

Fine with temperatures at 29 C inland, possible showers tonight

    It will be another fine day, a little cooler than yesterday, though locally there will be increased cloud at intervals, while winds will pick...

New measures on economy – full text of president’s speech

  President Nicos Anastasiades on Wednesday day announced a new package of 10 measures to support employees and the economy. This is the full text of...

U.S. coronavirus deaths top 100,000 as country reopens

  The novel coronavirus has killed more than 100,000 people in the United States, according to a Reuters tally on Wednesday, even as the slowdown...

Weather postpones SpaceX’s first astronaut launch from Florida

Stormy weather thwarted a landmark moment for private rocket company SpaceX and NASA on Wednesday, forcing launch directors in Florida to postpone what would...

Taste

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...

Honey Balls

As you stroll down Onasagorou street in the old city of Nicosia and suddenly feel the need for something sweet, follow the smell of...

Octopus with Oregano

Ingredients: (Serves 4) 1 kg octopus ½ tsp dry oregano Pepper 3 tbsp olive oil 2 tbsp vinegar or lemon juice Preparation: Clean the octopus thoroughly under cold running water. Place the octopus...

Fish meatballs

In a bowl, mix the finely chopped onion and parsley. Boil the fish, cut into small pieces and add to the bowl. Add salt...