{
  "title": "Cyprus: Staff Report for the 2002 Article IV Consultation",
  "publication": "IMF Staff Country Reports, February 14, 2003",
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  "summary": "This 2002 Article IV Consultation highlights that after four years of strong growth, economic activity in Cyprus has tailed off since late 2001, affected by the global economic slowdown. The authorities estimate growth for 2002 to have declined to 2.",
  "sections": [
    {
      "heading": "Executive summary and headline findings",
      "content": "- After four years of strong growth, economic activity in Cyprus has tailed off since late 2001, affected by the global economic slowdown.\n- The authorities estimate growth for 2002 to have declined to 2.3 percent.\n- Inflation has risen to 2.9 percent year-over-year in December on account of indirect tax increases, but core inflation remains low.\n- The current account deficit is expected to have deteriorated in 2002 to 5.5 percent, on account of lower tourism receipts and temporary factors."
    },
    {
      "heading": "Macro outlook and drivers",
      "content": "- Growth: Estimate for 2002 is 2.3 percent, reflecting weaker tourism and declining consumer and business confidence following several years of strong expansion.\n- Demand shocks: Falling tourist arrivals and weakening consumer and business confidence are cited as principal near-term constraining factors.\n- External environment: The global economic slowdown is identified as a key influence on domestic activity."
    },
    {
      "heading": "Prices and inflation",
      "content": "- Headline inflation: 2.9 percent year-over-year in December, attributed to indirect tax increases.\n- Core inflation: Described as remaining low (no numeric value provided in the source text)."
    },
    {
      "heading": "External sector",
      "content": "- Current account: Expected deterioration in 2002 to 5.5 percent, attributed to lower tourism receipts and temporary factors."
    },
    {
      "heading": "Coverage and thematic areas addressed in the report",
      "content": "- Banking\n- Exchange rates\n- External debt\n- Financial regulation and supervision\n- Fiscal consolidation\n- Fiscal policy\n- Foreign exchange\n- Public debt\n\n---\n\n Content in this bundle\n\n- cr0330\n  - cr0330 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr0330 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 14, 2003",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451809817.002",
    "After four years of strong growth, economic activity in Cyprus has tailed off since late 2001, affected by the global economic slowdown.",
    "The authorities estimate growth for 2002 to have declined to 2.3 percent.",
    "Inflation has risen to 2.9 percent year-over-year in December on account of indirect tax increases, but core inflation remains low.",
    "The current account deficit is expected to have deteriorated in 2002 to 5.5 percent, on account of lower tourism receipts and temporary factors.",
    "Growth: Estimate for 2002 is 2.3 percent, reflecting weaker tourism and declining consumer and business confidence following several years of strong expansion.",
    "Demand shocks: Falling tourist arrivals and weakening consumer and business confidence are cited as principal near-term constraining factors.",
    "External environment: The global economic slowdown is identified as a key influence on domestic activity.",
    "Headline inflation: 2.9 percent year-over-year in December, attributed to indirect tax increases.",
    "Core inflation: Described as remaining low (no numeric value provided in the source text).",
    "Current account: Expected deterioration in 2002 to 5.5 percent, attributed to lower tourism receipts and temporary factors.",
    "**_cr0330**"
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