Local
articles | 12 May 2016

EBRD: Cyprus economy to grow 2% in 2017

Cyprus can expect GDP growth of 2% says the European Bank for Reconstruction and Development (EBRD).

In projections on the countries in which it is active, the EBRD said that after five years continuous contraction, it expects moderate growth ranging from 0.5% in 2015, to 1.4% in 2016 and 2.5% in 2017.

Low oil prices and the ongoing recession in Russia are burdening the economies in Central Asia, Eastern Europe, and the Caucasus region.

On the other hand, the low oil prices are beneficial for Central Europe, the Baltic, along with Southeastern Europe.

The quantitative easing of the European Central Bank is expected to be particularly beneficial for economies in Central Europe and the Baltic.

The Greek economy will contract by 0.2%, while it will grow by 2.4% in 2017.

The Russian economy is expected to contract by 1.2%, while the Ukraine grow by 2% after a contraction of 9.9% in 2015.

Turkey will see a slowdown in its growth rate, down to 3.2% in 2016 from 4.0% during the previous year.

In reference to the EBRD report, DISY President Averof Neophytou said that he expects the Cypriot economy to surpass EBRD projections, and the unemployment rate to drop to single digit numbers.

Speaking during a tour through Cypriot industries in Latsia, Neophytou said that it is with the maturity of our society and the sacrifice of citizens that our country has achieved much, adding that Cypriot industries offer jobs and contribute decisively to the economic growth of Cyprus.

Source: InCyprus

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