Fiscal Balance in Cyprus

Cyprus Fiscal Balance | Economic News & Forecasts

Cyprus - Fiscal Balance

Economic activity likely cooled in Q1, following a robust performance in Q4 which was spurred by sturdy private consumption and surging public spending. Although unemployment continued to decline and retail sales were robust in January-February, both business and consumer confidence worsened in the quarter. Meanwhile, in a report published at the end of March, the IMF highlighted that the stock of banks' non-performing loans (NPLs) has declined considerably—although still remains bulky—from the financial crisis’ peak, and that public debt has been placed on a downward trajectory. However, it also urged the government to increase court efficiency and tightly contain spending to reduce debt vulnerabilities. In a similar vein, in mid-April, Fitch Ratings affirmed Cyprus’ rating at BBB- with a stable outlook. The decision reflects a balance between robust growth and a healthy fiscal surplus, with high levels of NPLs and public and private debt.

Cyprus - Fiscal Balance Data

2013  2014  2015  2016  2017  
Fiscal Balance (% of GDP)-5.1  -9.0  -1.3  0.3  1.8  

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Cyprus Facts

Exchange Rate1.120.65 %May 13
Stock Market70.0-0.44 %May 13

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