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articles | 22 July 2015

Bloomberg survey sees better growth in Cyprus

A Bloomberg survey of seven economists has indicated an improved GDP growth rate of 0.7% for the whole of the year, up from a contraction of 0.4% indicated in the previous forecast.

For 2016, the survey sees a batter than expected 1.5% growth rate, compared to 1.1% in the previous survey, while GDP in 2017 is expected to expand slower at 1.3%, compared to 1.9% in the previous forecast.

The survey, conducted between July 10 and 17 saw CPI inflation at -1%, 0.2% in 2016 and flat in 2017.

As regards unemployment, the surveyed economists do not expect a significant change over the current levels, with the 2015 average seen at 16.1% (16.0% in the previous survey, 15.8% in 2016 and 15.5% in 2017.

The current account deficit is seen at -4.0% of GDP this year, compared to a smaller -0.8% in the previous survey, with a -3.5%% deficit next year.

Finally, the seven economists expect the 2015 state budget to be lower at -1.4% of GDP, greatly improved from the -2.9% in the previous survey. For 2016, they expect it to be at -1.5% of GDP and -0.5% in 2017.

Source: Financial Mirror

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