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Strong economic recovery in 2021 for Cyprus
With dynamics for the coming years
The forecasts of the European Commission, announced today, recognize the strong recovery recorded by the GDP of Cyprus in 2021, but also the dynamics of the coming years, the Ministry of Finance reports, commenting on the autumn forecasts of the Commission, issued on Thursday.
The Ministry of Finance points out that in its forecasts, the Commission revised upwards the growth rate by 1.1% percentage point from 4.3% to 5.4%, thus in line with the assessment of the Ministry of Finance for growth rate close to 5.5% for 2021, reaching pre-pandemic levels in the fourth quarter of the year.
Also, the Ministry of Finance notes that the GDP growth rate of Cyprus is higher than the average of both the Eurozone and the EU which is estimated at 5%.
For the estimation of the GDP growth rate in 2022 and 2023, ie by 4.2% and 3.5% respectively, the Ministry of Finance notes that although the forecast for 2021 is close to the forecast of the Ministry of Finance for a growth rate of 5, 5%, the EU forecasts for the years 2022-2023 are even higher than those of the Ministry.
"This fact shows that the forecasts of the Ministry were more conservative and at the same time that the economy maintains its strong momentum in the medium term", the Ministry of Finance emphasizes.
Source: euronews.gr
Posted by
Michalis Venetsianos
