The Finance Minister of Cyprus, Harris Georgiades, declared in September of this year that the country had entered a time of real sustainable economic increase
. He also outlined that, even though the fiscal space was created, the fiscal discipline in Cyprus would be due to continue. In this article, our lawyers in Cyprus
further develop on the steady economic growth in Cyprus
and the different aspects related to the economy in the island.
More details on the economic growth in Cyprus
After ending an economic adjustment program which was founded by the EU and the IMF (International Monetary Fund), Cyprus registered two consecutive years in which the economy increased, with the Finance Ministry expecting a GDP increase by 2020.
The Finance Minister went on to declare that this economic growth in Cyprus
was not due to a false boost by debt-driven expenses or irrational credit expansion, which characterized the years before the recession. Our attorneys in Cyprus
can provide further information related to this matter.
Commenting on the 2018 state budget, which was agreed upon by the Cabinet in September, Mr. Georgiades declared that the fact that it is balanced shows the improvement of the economic situation, as well as the public finances.
A brief overview of the economy in Cyprus at the present
The economy of Cyprus has registered an important development since the World War II. According to the World Bank, the economy in the island is a high-income one.
The local economy was included on the list of advanced economies by the IMF.
After a three and a half year recession, Cyprus registered an increase in its economy in the first quarter of 2015. Our Cypriot lawyers
can assist you if you want to open a business in the island with all the necessary registration procedures.
The island successfully ended its three-year financial assistance program in March of 2016, after borrowing EUR 6.3 billion from the European Stability Mechanism and EUR 1 billion from the IMF.
If you need to know more about the economic growth in Cyprus
according to the Finance Minister
news, or for help in setting up a business here, please contact
our Cypriot law firm