14/02/2023 09:02
The winter economic forecast published Monday by the European Commission shows the resilience of the Cypriot economy, says the Finance Ministry, adding that for 2023 Cyprus is among the top four Euro area countries with the highest growth rate which is double compared with the Eurozone and the EU average.
In a press release following the EU winter forecast, the Ministry said that projections on real GDP growth both for 2023 and 2024 are higher than the respective projections of the autumn forecast.
“Although some deceleration in economic growth is expected for 2023, this has been reduced from 1% in the autumn forecasts to 1.6%,” the Ministry added, pointing out that for 2024 the European Commission projects an acceleration in economic growth estimated at 2.1% compared with 1.9% under the autumn forecast.
Moreover, the Ministry said that in 2023 Cyprus is among the top four countries with the highest growth rates in the Euro area which is double than the Euro area and EU average amounting to 0.8% and 0.9% respectively, which shows the economy’s resilience and capacity to adapt to adverse economic situations and other challenges.
Furthermore, the Ministry pointed out that under the Commission’s forecasts for 2024 the Cypriot economy have been raised as opposed to the EU and the Euro areas which remained unchanged to 1.6% and 1.5% respectively.
The Ministry also highlighted that the Commission has also raised its projection for growth throughout 2022 by 2 basis points to 5.8% of GDP.