Experts predict the economic growth of Cyprus
According to the forecast of the European Commission in 2018 and 2019 a serious growth of the economy of Cyprus is expected (GDP growth of the country is 3.6% and 3.3% respectively).
In turn, the Ministry of Finance of Cyprus forecasts economic growth at 4% this year and 3.6% in the next.
The most optimistic was the Hellenic bank, which predicts a growth of 4.2% this year.
All these structures agree that the main factors of economic growth are: — Increased demand in the domestic market of Cyprus;
— Reduced unemployment to 9.2%;
— The low inflation rate is 0.5% and 1% in 2018 and 2019, respectively.
The main risks are the following factors:
— High level of indebtedness;
— High level of state debt (in relation to GDP).
The above factors make the Republic’s economy vulnerable in the event of any external shocks or delays in ongoing reforms.
Nevertheless, experts are confident in the steady economic growth of Cyprus. At the same time, this year the government debt is expected to increase, but in the next year it will decrease.
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