IMF Resident Representative Office in Cyprus clarifies that GDP is projected to grow by 4-4� percent in 2018-19

International Monetary Fund (IMF) Resident Representative Office in Cyprus clarifies in a written statement that Cyprus’ GDP is projected to grow by 4�4� percent during 2018-19, after the release, Tuesday, of the spring World Economic Outlook (WEO) forecasts.

While the WEO forecasts still point to slight near term deceleration in GDP growth for Cyprus, it is important to note that, according to a later assessment at the time of the recent second post-program monitoring discussions, the current rapid pace of economic expansion is forecast to continue, says in a written statement to CNA Resident Representative of the IMF in Cyprus, Vincenzo Guzzo.

GDP is projected to grow by 4�4� percent during 2018-19, underpinned by a pipeline of mainly foreign-funded, large construction projects, notwithstanding somewhat slower growth in private consumption due to better compliance by households with regard to their contractual debt obligations. Only over the medium term, growth is projected to ease to 2� percent as construction projects are gradually completed, he adds.

According to the forecasts included in the WEO published today and are based on previous assessments, the Cypriot economy will record a growth rate of 3.6% in 2018 and 3% in 2019.

Source: Cyprus News Agency