## Cyprus: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

_IMF Staff Country Reports, December 14, 2017_

## Source details

**Canonical URL:** [Cyprus: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus](https://www.imf.org/en/publications/cr/issues/2017/12/14/cyprus-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45471)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/12/14/cyprus-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45471/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/12/14/cyprus-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45471/index.json)
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## Bibliographic details
- Published: December 14, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484332726.002

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### Economic turnaround and growth momentum
- The Cypriot economy has achieved an "impressive turnaround" since the 2012–13 banking crisis.
- GDP growth has been accelerating for three consecutive years, driven by strong foreign demand.
- The current strong growth momentum is expected to persist for the next several years, underpinned by ongoing large construction projects and weak payment discipline.

### Labor market and banking sector developments
- Rising labor demand has sharply lowered the unemployment rate to 10.3 percent as of September 2017.
- Emergency liquidity assistance to banks has been fully repaid.

### External sector and competitiveness
- Gains in cost competitiveness and strong foreign demand have narrowed the underlying current account deficit (excluding large one-off imports).

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2017/cr17375.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr17375.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2017/12/14/cyprus-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45471_