Cyprus’ banks to benefit from accelerated growth, Moody’s says

Cyprus’ strong GDP growth is credit positive for Cypriot banks because it will strengthen their clients’ capacity to restructure and service their high levels of distressed debt, according to Moody’s credit outlook.

Last Tuesday, the Statistical Service of the Republic of Cyprus announced that its flash estimate for the country’s annual GDP growth rate in first-quarter 2017 was 3.3%, the highest in Cyprus since 2008.