Cyprus economy on the path to recovery

30 Sep 2021

Cyprus economy on the path to recovery
Cyprus economy on the path to recovery
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Cyprus economy enters a way of recuperation and development, with private initiative, employees and our companies as its columns, Minister of Finance Constantinos Petrides said in a composed proclamation on the GDP development rate for the second quarter of 2021. 

The Minister expresses conviction that with appropriate financial management, the execution of the National Plan for Recovery and Resilience, which incorporates huge changes and speculations, Cyprus will reestablish financial activity and employment conditions to the positive rates that existed before the pandemic. 

Referring to the flash estimate of the Statistical Service of Cyprus that the economy grew by 12.8% in the second quarter of 2021, he said that this is essentially surprisingly good and that in 2021 it will speed up with a solid development rate that will surpass the underlying appraisal of the Ministry of Finance for a development pace of 3.7%.

This implies exceptionally sure possibilities for the following quarters of the year and shows the adequacy of the actions taken by the public authority during the pandemic. 

The development pace of the Cyprus economy, he adds, will be one of a few of in the EU that will cover the losses in the national income in 2020. 

He noticed that Cyprus has managed in 2020 - the most troublesome year of the pandemic - to decrease GDP to just 5.1%, a fundamentally preferable execution over the normal downturn in the EU and exceptionally better than different nations with a huge the travel industry area, in spite of the underlying evaluations by the European Commission of a downturn of 7.7%.

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