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Solid growth rate and a drop of debt expected according to EC Spring Economic Forecast for Cyprus
A sοlid growth rate of 2.5% and 2.3% of GDP in 2017 and 2018, a budgetary surplus of 0.2% and 0.7%, and a fall in unemployment to 11.7% and 10.6% respectively are included in Cyprus` spring economic forecasts, which the Commission has made public in Brussels.
The Commission also estimates that it is highly probable that the situation will overcome even those positive expectations, while the medium-term risk of the forecast is limited.
According to forecasts, debt ceiling is expected to fall below 100% for the first time, namely to 99.8% in 2018, while inflation will reach 1.2 and 1.1 respectively.
The European Commission notes that supported by robust employment, consumption and investment, Cyprus’ economy has enjoyed a broad- based recovery and is forecast to post solid growth over the forecast horizon.