Cyprus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus
IMF Staff Country Reports, December 3, 2018
Source details
- Canonical URL
- Cyprus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus
Other formats
Bibliographic details
- Published: December 3, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484387344.002
Macroeconomic recovery and growth
- Cyprus is recovering strongly from the 2012–13 crisis.
- GDP growth is projected to remain above 4 percent in 2018–19, buoyed by services and foreign-financed construction.
- Unemployment is rapidly declining.
Fiscal position and public debt
- Large fiscal primary surpluses are putting public debt back on a declining path.
Banking sector, NPLs, and financial stability
- Crisis legacies continue to weigh on the banking system.
- In early 2018, difficulties in the Cyprus Cooperative Bank led the authorities to intervene, at a significant fiscal cost.
- A package of legislative measures strengthening the insolvency and foreclosure regime was approved; this is catalyzing the cleanup of bank balance sheets.
- Subject tags in the source include: Banking, Credit, Financial institutions, Fiscal policy, Fiscal stance, Loans, Money, Nonperforming loans, Public debt.
Ratings and external assessment
- These developments have led to a sovereign ratings upgrade, restoring Cyprus’s investment grade status.
Publication and document specifics
- Title: Cyprus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus
- Publication date on landing page: December 3, 2018
- Series: Country Report No. 2018/337
- Issue: 337
- Volume: 2018
- Pages: 80
- DOI: https://doi.org/10.5089/9781484387344.002
- Stock No: 1CYPEA2018002
- ISBN: 9781484387344
- ISSN: 1934-7685
- Format references on the page: IMF Staff Country Reports; Preview Citation format: Chicago
International Monetary Fund. Cyprus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus (Country Report No. 2018/337), December 3, 2018.
Content in this bundle
- Country Report