Cyprus among top 3 in Eurozone growth for 2024

Cyprus stands out as one of the top performers in the Eurozone, boasting a robust growth rate for the year 2024, as announced by government spokesperson Constantinos Letympiotis today.

Addressing reporters during a media briefing at the Presidential Palace, Letympiotis emphasized the positive trajectory of the Cypriot economy, citing the European Commission's spring forecast. According to the spokesperson, Cyprus is among the three countries in the Eurozone experiencing the highest growth rate this year.

Comparing Cyprus's growth to that of the Eurozone and the EU as a whole, Letympiotis noted a significant margin of approximately 2.0 percentage points, highlighting the resilience and adaptability of the Cypriot economy.

Furthermore, the spokesperson highlighted encouraging trends in key economic indicators. Inflation is expected to continue its downward trend, approaching the 2% target, amid decreasing inflationary pressures. The labor market remains robust, with ongoing growth in employment, while the fiscal balance remains in surplus and public debt sees a rapid decline.

Looking ahead to 2024 and 2025, projections indicate a strengthening of economic growth and a steady pace of employment expansion. Unemployment is anticipated to continue its downward trajectory, reaching 5.6% in 2024 and 5.4% in 2025.

Recent data from the Statistical Service underscores Cyprus's positive economic momentum, with the growth rate for the first quarter of 2024 estimated at 3.3% compared to the same period in 2023, and 1.2% compared to the previous quarter of 2023. This aligns with the forecasts set forth by the Finance Ministry.

Eurostat, the European statistical agency, further validates Cyprus's economic performance, with the growth rate for the first quarter of 2024 surpassing that of other Member States by a considerable margin and outpacing the Eurozone and EU averages.

Committing to sustained economic progress, the government pledges to continue implementing policies aimed at fostering growth, ensuring fiscal responsibility, and enhancing the well-being of citizens. Letympiotis reiterated the government's dedication to executing President Christodoulides's ambitious governance program, emphasizing a prudent and forward-thinking economic approach.

Responding to inquiries about potential future support measures, Letympiotis affirmed that the government remains vigilant, evaluating existing measures in alignment with the economy's positive trajectory. While the current support package remains in effect until the end of June, the government stands ready to intervene with targeted initiatives as warranted by evolving economic conditions.