17/09/2001 15:10
According to information contained in the Central Bank's recently published annual report for the year 2000, it is anticipated that for the year 2001 financial activity will continue to show an upward trend for the third year running, but at a lower pace than last year of Gross Domestic Product of around 4.0%.
It is also anticipated that for 2001 there will be increased revenue from tourism equalling around CYP 1.300 million, a reduction of unemployment figures to below 3.4%, with inflation ranging around 2.0% compared to 4.2% in 2000. Public deficit is expected to reduce even further to below 2.8% of GDP for the current year.
The Bank notes that the government's economic planning for up to 2004 has made provisions to sustain public deficit as a percentage of GDP to below 60% as required by the Maastricht treaty for European Union alignment.
It is also anticipated that for 2001 there will be increased revenue from tourism equalling around CYP 1.300 million, a reduction of unemployment figures to below 3.4%, with inflation ranging around 2.0% compared to 4.2% in 2000. Public deficit is expected to reduce even further to below 2.8% of GDP for the current year.
The Bank notes that the government's economic planning for up to 2004 has made provisions to sustain public deficit as a percentage of GDP to below 60% as required by the Maastricht treaty for European Union alignment.
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