In a testament to its economic resilience and burgeoning prosperity, Cyprus has garnered acclaim as one of the Eurozone’s top performers for the year 2024, affirmed by government spokesperson Constantinos Letympiotis in a recent announcement.
Speaking at a press briefing held at the Presidential Palace, Letympiotis underscored Cyprus’s commendable growth trajectory, drawing upon insights from the European Commission’s spring forecast. According to the spokesperson, Cyprus has secured its position among the three leading countries in the Eurozone, demonstrating robust economic expansion throughout the year.
Letympiotis juxtaposed Cyprus’s growth against that of the broader Eurozone and the European Union, highlighting a notable margin of approximately 2.0 percentage points. This disparity serves as a testament to the nation’s adaptability and resilience in navigating a complex economic landscape.
Moreover, the spokesperson elucidated encouraging trends observed across key economic indicators. Inflation is poised to maintain its downward trajectory, nearing the coveted 2% target amidst waning inflationary pressures. The labor market remains buoyant, characterized by sustained employment growth, while fiscal prudence ensures a surplus in the fiscal balance and a rapid reduction in public debt.
Looking towards the future, forecasts anticipate a further strengthening of economic growth and a steady expansion of employment opportunities. Unemployment is projected to continue its downward trend, with rates anticipated to reach 5.6% in 2024 and 5.4% in 2025.
Recent data from the Statistical Service underscores Cyprus’s positive economic momentum, with a growth rate of 3.3% estimated for the first quarter of 2024 compared to the same period in 2023. Additionally, the growth rate of 1.2% compared to the previous quarter of 2023 reflects a consistent upward trajectory, aligning with projections outlined by the Finance Ministry.
Eurostat, the European statistical agency, corroborates Cyprus’s economic prowess, with the growth rate for the first quarter of 2024 surpassing that of other Member States by a significant margin and outpacing the Eurozone and EU averages.
Pledging to sustain this trajectory of economic progress, the government reaffirms its commitment to implementing policies aimed at fostering growth, ensuring fiscal responsibility, and enhancing the welfare of its citizens. Letympiotis reiterated the government’s unwavering dedication to executing President Christodoulides’s ambitious governance program, underpinned by a prudent and forward-thinking economic strategy.
In response to inquiries regarding potential future support measures, Letympiotis affirmed the government’s vigilance, emphasizing ongoing evaluations of existing measures in tandem with the economy’s positive trajectory. While the current support package remains effective until the end of June, the government stands prepared to deploy targeted initiatives as necessitated by evolving economic dynamics.
