Cyprus: 2021 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, June 16, 2021
Source details
- Canonical URL
- Cyprus: 2021 Article IV Consultation-Press Release; and Staff Report
Other formats
Bibliographic details
- Published: June 16, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513587646.002
Summary and economic impact
- The COVID-19 pandemic has interrupted Cyprus’s strong economic growth over the past few years.
- High dependence on service sectors and strict containment measures led real output to contract by 5.1 percent (yoy) during 2020.
Projections and risks
- Growth is projected to recover to 3 percent in 2021 as the vaccine rollout gathers pace despite the ongoing new wave of infections.
- Significant downside risks remain, reflecting the high uncertainty of the path of the epidemic.
Subject coverage (as listed)
- COVID-19
- Financial institutions
- Fiscal policy
- Fiscal stance
- Health
- International organization
- Loans
- Monetary policy
- Nonperforming loans
- Public debt
Keywords (as listed)
- COVID-19
- Europe
- Fiscal stance
- land price index
- liability positions vis-à-vis nonresident
- Loans
- Nonperforming loans
- Policy issue
- policy priority
- Residential Property price index
- SDR million
- support measure
- support package
Content in this bundle
- 1cypea2021001