Government Spokesman says economy is on a steady growth path

Official figures on Cyprus’ GDP published by the Statistical Service on Friday show that the country’s economy is growing at a steady pace, Government Spokesman Prodromos Prodromou said in a written statement.

Cyprus GDP increased by 4% in the first quarter of 2018, over the corresponding quarter of 2017, higher than the initial estimation, CyStat reported today.

Prodromou said that the economy keeps proving predictions to be wrong and that the growth rate for this year is estimated at 4%, which is higher than previous predictions. He also noted that the economy has been on a steady growth path for the thirteenth consecutive quarter since the beginning of 2015.

At political level, these results prove wrong those who criticized the government’s economic strategy some years ago, projecting that the country’s economy would enter a vicious circle of recession said the Government Spokesman.

He added that the efforts of the people of Cyprus that have resulted in the economy’s growth trend leave the Government with no option but to continue with decisions, actions and policies that will seal and maintain a wider environment of stability, and to support and further strengthen the growth trend of the economy.

Source: Cyprus News Agency