The Central Bank of Cyprus (CBC) expects GDP to rise by 5.6% in 2021, following the 5.1% increase recorded in the first half of last year, while stressing that "the risks to the baseline scenario for GDP are assessed as balanced and slightly upward for inflation in 2021-24".
According to the CBC's December Economic Bulletin, which is prepared on a semi-annual basis, further growth of around 3.7% per annum is projected in 2022-24, "due to a recovery in domestic demand and net exports".
Furthermore, the CBC expects unemployment to fall in the second half of 2021 with a continued decline in the following years, reaching 5.6% in 2024, while for inflation the CBC expects it to "rise significantly in 2021 and 2022 (to 2,2% and 2.5%, respectively), mainly due to significant increases in energy prices
(CNA)
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