Finance minister Harris Georgiades said that the Cypriot economy’s growth rate in 2016 and next year “will approach 3 per cent” on a boost from all significant productive sectors.
“Let me say that 2016 was in every respect a key year for the course of the economy,” Georgiades told lawmakers on Friday in his annual budget speech.
“Cyprus came into a programme with its economy in deep recession and exited it with one of the highest economic growth rates in Europe”.
“It was a year in which the support programme which had become necessary three years before, was completed and the country proved that it can stand on its feet,” he said in reference to the completion of the adjustment programme in March, which the government agreed with international creditors as part of a €10bn bailout in 2013.
Sources: cyprusbusinessmail.com, vkcyprus.com.
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