Central Bank of Cyprus: Economy to grow by 2.6% this year
The governor of the Central Bank of Cyprus says the island nation’s economy is expected to grow by 2.6% this year, a full three points lower than in 2022
NICOSIA, Cyprus (AP) — The economy of Cyprus is expected to grow by 2.6% this year, a full three points lower than the 2022 increase in the island's nation's gross domestic product, the governor of the country's central bank said Tuesday.
Governor Constantinos Herodotou said at an economic forum Tuesday that despite the slower growth rate, the forecast compares favorably with the average growth of 1% expected in other countries that use the euro.
Herodotou attributed the situation in Cyprus primarily to a decreased demand for loans because of high interest rates, as well as declines in personal consumption and investments.
The country's growth is predicted to rebound to 3.1% annually in 2024 and 2025 thanks to improved domestic demand, exports and tourism revenue, he said.
