Economic Predictions for Cyprus for the Future
- Written by: Editor
- Posted: 2018-01-10
The development of the economic activity in Cyprus is predicted to go on at solid rates in 2018, as declared by the Economic Research Center of the University of Cyprus. In this article, our lawyers in Cyprus analyze the reasons for this prediction and the aspects related to it.
Reasons for the projected economic growth in Cyprus
The aspects which are going to bring important growth rates for the Cyprus economy in 2018 include:
• A solid activity and employment increase in the country in 2017;
• More positive growth in local leading indicators in the second quarter of 2017 and a robust economic trust;
• The improvement of the local financial conditions, led by deposit growth and deleveraging, as well as decreased levels of interest rates;
• Advantageous international economic conditions, like a continuous growth and strong economic feel in the EU and the Euro area, the UK economy resilience and others. Our Cypriot lawyers can provide assistance in setting up a business on the island.
Other aspects, for example the positive fiscal performance and the low levels of the European interest rates, made possible the recovery of the economy.
Our attorneys in Cyprus can provide assistance to business individuals interested in opening a company on the island.
The economy developments in Cyprus at the present
According to the Hellenic Bank, the recovery of the economy in Cyprus reached a ninth consecutive quarter growth last year.
The real GDP growth rate during the first half of last year was increasing and was predicted to rise with 3.6% comparing to the same period of the previous year.
The growth is becoming more solid and broad-based, causing a rise of the employment, even though the unemployment levels remained still quite high. Our attorneys in Cyprus can offer advice to companies which intend to open their businesses here.
The public finances have been made steadier so that they were able to secure the sustainability of the public debt.
Important progress has been registered in restructuring and restoring the trust in the local banking system.
For help in setting up a business here, please contact our Cypriot law firm.