Government aiming for growth rate to exceed 4% in 2024, Spokesperson says

07:39 - 16 August 2024

Economy Reporter

The government is now aiming for the 2024 growth rate to exceed 4%, Government Spokesperson Konstantinos Letymbiotis said, following a flash estimate by the Statistical Service for a growth rate of 3.6% (3.7% when adjusted seasonally and based on working days).

In a recent post on X, Letymbiotis notes that the Cypriot economy continues its upward trend, "through the implementation of sound policies of the Christodoulides Government."

"Continuing the implementation of sound policies, we are aiming for stronger growth in 2024," he writes, noting that the target is now for the growth rate to exceed 4%, a percentage significantly higher than the European Commission's forecasts, as he points out.

The European Commission's forecast for the growth rate in Cyprus was 2.8% for 2024 and 2.9% for 2025.

The Government Spokesperson also notes that the Cypriot economy recorded the second highest growth rate in the EU, three percentage points above the EU growth rate (0.8% in the second quarter). "The high growth rate combined with the contraction of unemployment and inflation and the strong fiscal balance allows for the continuation of successful targeted social policies," Letymbiotis adds.

"We are committed to continue with the same responsible, prudent economic policy for an even more modern, more resilient Cyprus. Together we will build the Cyprus of hope and perspective," he concludes.

(Source: CNA)

Government aiming for growth rate to exceed 4% in 2024, Spokesperson says

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