The Government remains firmly committed to strengthening Cyprus' fiscal position, promoting sustainable recovery and the long-term stability of the Cypriot economy, Finance Minister Constantinos Petrides assured on Saturday, stating that the Cypriot economy exceeded the pre-pandemic level of real GDP in 2021, despite the partial recovery of the tourism sector.
In a written statement, on the occasion of the upgrade of the Republic of Cyprus' credit rating from BBB (Low) to "BBB" by DBRS Morningstar and the revision of the outlook from positive to stable, the Finance Minister said that "the fiscal recovery has proceeded much faster than expected,than expected in 2021, with the fiscal deficit falling to 1.8% of GDP from 5.6% of GDP in 2020, mainly due to the strong
(CNA)
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