European Commission forecasts a 4.3% and 3.8% growth in Cyprus for the years 2021 and 2022, according to its chapter on Cyprus at its Summer Economic Forecast presented today by Commissioner Paolo Gentiloni in Brussels.
More specifically, European Commission notes that “despite the lockdown measures at the beginning of the year, real GDP increased in the first quarter of 2021 (+2% compared to the last quarter of 2020). The rebound in activity, which started in the second half of 2020, has been driven by domestic demand, underpinned by fiscal stimulus, and exports of services other than tourism.”
According to the European Commission “on an annual basis, real GDP growth is expected to increase by 4.3% in 2021. This is higher than projected in spring due to the better than-expected performance in the first quarter and the considerable improvement in economic se
Source: Cyprus News Agency