International rating agency Fitch has affirmed Cyprus long-term credit rating at BBB- maintain a stable outlook, noting that Cyprus` institutional strength and its record of robust economic growth and sound fiscal policy prior to the Covid-19 pandemic are balanced by balance-sheet weaknesses, in particular high public debt, and a weak banking sector.
The agency forecasts a real GDP growth of 4.8% in 2021, partly due to strong base effects, and a gradual normalisation of growth rates in 2022 and 2023 of 3.
Source: Cyprus News Agency