Cyprus : Second Post-Program Monitoring Discussions-Press Release; Staff Report and Statement by the Executive Director for Cyprus

Author/Editor:

International Monetary Fund. European Dept.

Publication Date:

June 6, 2018

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

This paper discusses Cyprus’s Second Post-Program Monitoring Discussions. Cyprus’s economic recovery has strengthened. GDP growth reached 3.9 percent in 2017, with upbeat activity concentrated in construction, tourism, and professional services. The unemployment rate has continued to decline at a sustained pace, while moderate price and wage rises have supported competitiveness, helping to contain the increase in the current account deficit, despite higher imports. Improved economic conditions have supported robust fiscal revenue collection, contributing to a sizable primary surplus and a decline in the public debt ratio. The current strong expansion is forecast to extend well into the future, with growth inching up to 4 percent in 2018 and 4.2 percent in 2019.

Series:

Country Report No. 8/153

Subject:

English

Publication Date:

June 6, 2018

ISBN/ISSN:

9781484359839/1934-7685

Stock No:

1CYPEA2018001

Format:

Paper

Pages:

52

Please address any questions about this title to publications@imf.org