The European Commission’s Autumn forecasts acknowledge Cyprus’ “strong recovery” in 2021 and show the Cypriot economy’s strong momentum for the following years, the Ministry of Finance said on Thursday commenting on the forecasts released earlier today.
 
In a press release the Ministry points out that the Commission revised its previous forecast of 4.3% growth for 2021 to 5.4% in line with the Ministry’s forecast over 5.5% growth rate this year, while the Cyprus GDP will reach the pro-pandemic levels by the end of the fourth quarter.
 
Furthermore, the Finance Ministry says that Cyprus’ growth rate is higher than the euro area average estimated at 5%.
 
The Ministry also notes that the Commission forecasts Cyprus a GDP growth rate of 4.2% and 3.5% in 2022 and 2023 respectively which is higher that the Ministry’s projections.
 
“This shows that the Ministry’s projections are more conservative and at the same time the economy maintains is strong momentum in the medium and long-term,” the Ministry says.

CNA