Cyprus expects robust economic growth this year

AP News
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Posted: Feb 14, 2017 9:50 AM

NICOSIA, Cyprus (AP) — Cyprus expects its economy to grow between 2.5 percent and 3 percent this year as it recovers from its recent financial crisis and bailout.

Finance Minister Harris Georgiades said Tuesday the economy has rebounded strongly and is making up lost ground after the country in 2013 sought out a multibillion-euro rescue deal from its eurozone partners to save it from bankruptcy.

Georgiades said unemployment in 2016 fell 1.6 percentage points from the previous year to 13.3 percent. Public finances ended last year with a slight fiscal surplus of 0.1 percent of GDP.

The minister said authorities are confident the economy is on an upward trajectory despite risks. He said it's in the hands of Cypriots to avoid past mistakes that brought Cyprus to the brink of financial ruin.