The Economy of Cyprus Continues to Grow
- Written by: Editor
- Posted: 2017-10-24
The Cypriot economy continues to grow for the ninth consecutive quarter, while the increase is becoming stronger and more broad-based, according to a report issued by the Helenic Bank for the first six months of 2017. In this article, our lawyers in Cyprus explain this report and the different aspects related to it.
More details on the report issued in Cyprus
As declared by the Flash Estimate made by the Statistical Service, the real GDP growth rate has increased in the first six months of this year, being estimated at +3.6% over the same period of last year, the report pointed out. Our Cypriot lawyers can provide assistance related to opening a company in the island.
The public finances have been consolidated largely to secure the sustainability of the public debt, the report continues on declaring. It also added that an important progress has been registered to restructure and restore the trustworthiness of the banking system in Cyprus.
The number of non-performing loans is decreasing, however, is still is at a quite high level, which has resulted in the increase of loan impairments provisions to make sure that collateral valuations are credible and underpin the correct provisioning levels.
This unforcasted economic recovery, together with the improved local financial conditions, have generated and kept an environment of improved confidence.
This reflects in the upgrades of credit ratings of Cyprus and of the most important local banks by global rating agencies. Our attorneys in Cyprus can provide legal assistance related to any business issue in the country.
The Central Bank of Cyprus projects the economic recovery will continue
The Central Bank of Cyprus pointed out that it projects the economic recovery will continue in 2017. It went on declaring that the development in the economy is sustainable since there are private investments, especially in tourism, hotels, marinas and casinos. Our Cypriot lawyers can offer help related to opening tourism businesses in the country.
Simultaneously, the Central Bank Governor showed satisfaction with the trend which reflects local banks meeting successfully the strictest regulatory frames and structural reforms in the last three years, coming to correct fundamental flaws of the domestic financial system, which was a key factor to significantly improving the confidence in the industry.
In case you would like to know more, or for any legal assistance, please contact our Cypriot law firm.