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FinMin welcomes Commission’s In-Depth review on Cyprus

07:57 - 28 March 2024

Economy Reporter

The Ministry of Finance has welcomed the European Commission’s In-Depth Review on the Cypriot economy, stating that its results show the government's “sound economic policy and the efforts exerted to correct the economy’s macroeconomic imbalances.”

“The government’s concern is the implementation of policies which would safeguard further correction of imbalances and the strengthening of the competitiveness of the Cypriot economy, placing special emphasis to green and digital transition,” the Ministry said in a press release.

The review, inter alia, said that the Cypriot economy is on a sound footing due to solid economic growth and declining inflation, “but its high integration with EU and non-EU economies make geopolitical and trade tensions a non-negligible risk.”

The report also noted that the fiscal position remains strong with a sizeable surplus in 2023, which is expected to be maintained in 2024 and 2025, noting that the risks to the economic outlook are broadly balanced.

Also read: European Commission: Cypriot economy on sound footing, sees risks from geopolitical tensions

(Source: CNA)

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