## 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](https://www.imf.org/en/publications/cr/issues/2021/06/16/cyprus-2021-article-iv-consultation-press-release-and-staff-report-460792)

## Other formats

- [Markdown version](/en/publications/cr/issues/2021/06/16/cyprus-2021-article-iv-consultation-press-release-and-staff-report-460792/index.md)
- [Structured JSON version](/en/publications/cr/issues/2021/06/16/cyprus-2021-article-iv-consultation-press-release-and-staff-report-460792/index.json)
- [Bundle manifest](/en/publications/cr/issues/2021/06/16/cyprus-2021-article-iv-consultation-press-release-and-staff-report-460792/bundle-manifest.json)

## Bibliographic details
- Published: June 16, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513587646.002

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### 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

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## Content in this bundle

- **1cypea2021001**
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  - [1cypea2021001 (PDF)](/-/media/files/publications/cr/2021/english/1cypea2021001.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2021/06/16/cyprus-2021-article-iv-consultation-press-release-and-staff-report-460792_