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Cyprus is among the three countries in the Eurozone with the highest growth rate in 2024, Government Spokesman Constantinos Letybiotis said today.
Speaking to reporters at his media briefing at the Presidential Palace, the Spokesman said: "The European Commission's spring forecasts show the positive performance of the Cypriot economy and the growth of economic activity at a strong pace in 2024."
Cyprus is among the three countries in the Eurozone with the highest growth rate in 2024. Compared to the Eurozone and the European Union (EU), Cyprus' growth rate is higher by about 2.0 percentage points in 2024, which confirms the resilience and flexibility of the Cypriot economy.
Inflation is expected to continue its downward path towards the 2% target in an environment of moderating inflationary pressures, the labour market remains resilient and the fiscal balance remains in surplus, with government debt declining rapidly.
For the years 2024 and 2025, economic growth is projected to strengthen, as well as employment is expected to continue to grow at a relatively stable pace. Unemployment is projected to remain on a downward trajectory and to be limited to 5.6% in 2024 and 5.4% in 2025.
Moreover, according to the preliminary estimate of the Statistical Office, published yesterday, the growth rate of the economy for the first quarter of 2024 is estimated at 3.3% compared to the corresponding quarter of 2023 and 1.2% compared to the fourth quarter of 2023.
Moreover, according to the preliminary estimate of the Statistical Office, published yesterday, the growth rate of the economy for the first quarter of 2024 is estimated at 3.3% compared to the corresponding quarter of 2023 and 1.2% compared to the fourth quarter of 2023.
This rate is an important start for the year and is in line with the forecast of the Ministry of Finance.
According to corresponding data from Eurostat, the growth rate of Cyprus for the first quarter of 2024 is the highest among the Member States and much higher than the average of the Eurozone and the European Union.
As a Government, we will continue to implement policies that put the economy on a growth path, ensuring a strong and resilient economy, fiscal responsibility and improving the daily lives of our citizens.
As we have demonstrated during these 14 months of governance, by implementing President Christodoulides' ambitious governance programme, through a responsible and sober economic policy we aim and are determined to achieve the further modernisation and upgrading of our country and the creation of prospects and progress for all our compatriots."
Asked if the Government would announce a new package of support measures if the economy is doing well, the Spokesman said: "Because the measures that the Government has taken and is taking are in line with the positive trajectory of the economy, always taking into account the fiscal data and the potential of the Cypriot economy, all measures are constantly evaluated. The latest support package is in force until the end of June and what we as a Government will do, constantly monitoring developments, is to intervene with targeted measures and [TARGETED] policies where and when needed."
(PM/AF/GC)
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