articles | 01 December 2014

Central Bank sees return to growth in 2015

Cyprus is expected to return to growth in 2015 and this year’s slowdown should be shallower than expected, its central bank governor said recently.

Chrystalla Georghadji told parliament she expected 0.5% growth in 2015. A European Commission forecast of a 2.8% contraction in the island’s economy this year was “realistic”, she said.

Authorities had previously forecast a 2014 contraction of 3.2%. Cyprus slipped into recession in 2011. Data in November put the annualised fall in output at -2.2% in the third quarter, from -2% in the second quarter.

“I’m optimistic 2015 will bea year where Cyprus will return to growth, the signs of recovery are faster,” Georghadji, who also represents Cyprus on the Governing Council of the European Central Bank, told parliament’s financial affairs committee.

She did not make any reference to the euro zone economy.

Source: Cyprus Mail

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