IMF Upgrades Cyprus’ Growth Projection



The International Monetary Fund (IMF) has significantly upgraded its projections on the Cypriot economy’s growth for the years of 2018 and 2019 at the World Economic Outlook published this October, expecting a growth rate of 4.0 percent and 4.2 percent respectively.

For 2019 in particular, the IMF’s review is greater by 1.2 percentage units while for 2018 it is higher by 0.4 of a percentage unit, compared to the spring projections published last April.

The international body expected then that the Cypriot economy would grow at a rate of 3.6 percent in 2018 and 3.0 percent in 2019.

In 2017 the Cypriot economy grew by 3.9 percent.

The IMF also estimates that unemployment will gradually drop from 11.1 percent in 2017, to 9.5 percent in 2018 and 8 percent in 2019, compared to 10.0 percent and 9.1 percent respectively that it had projected last April.

It further projects that inflation will be recorded at 0.8 percent in 2018 and 1.8 percent in 2019.

With information from C.N.A.