Cyprus Economic Outlook
September 27, 2016Supported mainly by the manufacturing and construction sectors and a gradual recovery in private consumption, GDP accelerated in Q2 and expanded at the fastest pace in nearly eight years. Since then, confidence indicators from the third quarter point to continued strong growth. Against the backdrop of stronger-than-expected economic growth and declining public debt as percentage of GDP, earlier this month, Standard & Poor’s Global Ratings upgraded its credit rating a notch from BB- to BB. The agency pointed out that the restructuring of the financial sector is now underway following a deep three-year recession period, even though it will take some time for the sector to contribute to growth. The unemployment rate is expected to drop going forward, which will support disposable income and private consumption.
Cyprus Economy Data
5 years of Cyprus economic forecasts for more than 30 economic indicators.
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|Exchange Rate||1.09||-0.50 %||Oct 21|
|Stock Market||65.7||-0.57 %||Oct 21|
Cyprus Economic Growth
September 27, 2016Cyprus’ economy is expected to accelerate this year amid improved domestic economic conditions. FocusEconomics panelists see GDP expanding 2.1% this year and 2.3% in 2017.