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Surprise 2.7% economy growth for Cyprus in 2016's first quarter

Surprise 2.7% economy growth for Cyprus in 2016's first quarter

Despite the fact that the European Bank for Reconstruction and Development had predicted a mere 1.7% growth for the Cypriot economy in 2016, while at the same time the Cypriot Finance Minister was predicting a generous 2.2% growth instead, Eurostat’s remarkable news of a 2.7% growth estimation during the first quarter of this year comes to overturn all conservative abovementioned predictions.

Cyprus is substantially dependent on tourism for its GDP sustainable growth, is expected to have an unprecedented record season in tourist arrivals this year, especially for the period between April – October, reinforcing predictions previously published by the University of Cyprus, which said the Cypriot economy would expand by 2.4% in 2016.

The statistical service has attributed the increase to following sectors:  Hotels and restaurants, Professional, Scientific, and Technological Activities, Retail trade, Manufacturing, Products, and Trade. 

In a tweet in Greek, Finance Minister Harris Georgiades said that “the growth was achieved with systematic work and not with populist statements and negativity”.

“Taxes are being reduced and costs are rising in a rational manner, without deviating in any way from the target for a balanced budget. What enables us to maintain a balanced budget, while reducing taxes and increasing revenue in a targeted way, is the fact that the economy is now growing and public revenue is supported through growth in a way that allows us to return to the households and the workers all the margins that are created,” the Minister said.

He also noted that the public debt is declining, which will in turn contribute to the upgrading of Cyprus’ creditworthiness.


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