Cyprus is moving from recovery to growth!

Oct 15, 2021 | Cyprus Economy

The Cypriot economy bounced back with a yearly 12.9 percent growth in the second quarter of 2021. Mr. Petrides refereed to the recent data, showing that the unemployment rate in August 2021 dropped to 4.4 percent from 8.6 percent the previous year, taking note of that this was the biggest decrease on a European level.

The current forecasts on Cyprus growth rate exceed 5.5 per cent for 2021 with great prospects in 2022, particularly if we utilize the weapons provided by EU Recovery and Resilience Fund,  not only referring to the funds which will flow to the economy for financing infrastructure and projects but reforms as well. Reforms will bring sustainable growth, he said, adding that the government seeks to bring sustainable growth to the wider economy with reforms such as Local Administration, Justice and the public service. Cypriots should learn that sustainable growth comes from implementing reforms and not just by the inflow of funds.

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