As announced today by Government Spokesperson Konstantinos Letimpiotis, Cyprus stands out as one of the top-performing countries in the euro area, with strong growth rates heading into 2024. About.
Speaking to reporters at a press conference at the presidential palace, Retimpiotis cited the European Commission's spring forecast and emphasized the positive trajectory of the Cypriot economy. According to the spokesperson, Cyprus is one of the three countries in the euro area that has recorded the highest growth rate this year.
Comparing Cyprus' growth with that of the Eurozone and the EU as a whole, Retimpiotis noted a significant difference of around 2.0 percentage points, highlighting the resilience and adaptability of the Cypriot economy.
Additionally, the spokesperson highlighted positive trends in key economic indicators. As inflationary pressures ease, the inflation rate is expected to continue its downward trend and move closer to the 2% target. The labor market remains strong with continued employment growth, while the fiscal balance remains in surplus and public debt is rapidly decreasing.
Looking ahead to 2024 and 2025, economic growth is expected to strengthen and employment to expand at a steady pace. The unemployment rate is expected to continue its downward trend, reaching 5.6% in 2024 and 5.4% in 2025.
Recent data from the Statistics Authority highlight the positive momentum of Cyprus' economy, with growth estimated at 3.3% in the first quarter of 2024 compared to the same period in 2023 and 1.2% compared to the previous quarter in 2023. This is consistent with predictions. Established by the Ministry of Finance.
European statistics agency Eurostat further examines Cyprus' economic performance, with growth in the first quarter of 2024 significantly higher than that of other member states and above the euro area and EU average. ing.
The Government is committed to sustainable economic development and is committed to continuing to implement policies aimed at promoting growth, ensuring fiscal responsibility, and improving the welfare of the people. Mr. Letimpiotis reiterated the government's commitment to implementing President Christodoulides' ambitious governance plans and emphasized its prudent and forward-looking economic approach.
Responding to a question about possible future support measures, Retimpiotis assured that the government remains vigilant and evaluates existing measures in line with the positive trajectory of the economy. Current support measures will remain in place until the end of June, but the government stands ready to intervene with targeted initiatives as economic conditions change.
