09/04/2003 10:33
The European Commission has officially confirmed the pessimistic forecasts for the performance of the Cyprus economy and has revised downwards its forecasts for the GDP growth for the eurozone from 1.8% to 1% for 2003.
For the Cyprus economy EC forecasts that , GDP for 2003 will increase by 2% against 3.5% (November forecasts), while for 2004 there will be an increase of 3.8% against 4.1%.
With regard to inflation, the European Commission estimates that for 2003 it will increase by 4.3%, while for 2004 it is expected to reach 2.2%.
Public deficit will reach 4% of GDP for 2003 and 3.5% for 2004.
Despite the prevailing negative climate in the European Union, unemployment in Cyprus will remain at the low level of 3.4% of the active population, while for 2004 the unemployment rate will decline to 3.2%. It is noted that the current forecast is slightly better than the previous.
As far as the trade balance and the balance of current accounts are concerned, latest forecasts are almost the same as the November estimates.
For the Cyprus economy EC forecasts that , GDP for 2003 will increase by 2% against 3.5% (November forecasts), while for 2004 there will be an increase of 3.8% against 4.1%.
With regard to inflation, the European Commission estimates that for 2003 it will increase by 4.3%, while for 2004 it is expected to reach 2.2%.
Public deficit will reach 4% of GDP for 2003 and 3.5% for 2004.
Despite the prevailing negative climate in the European Union, unemployment in Cyprus will remain at the low level of 3.4% of the active population, while for 2004 the unemployment rate will decline to 3.2%. It is noted that the current forecast is slightly better than the previous.
As far as the trade balance and the balance of current accounts are concerned, latest forecasts are almost the same as the November estimates.
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