Analysis Economy of Cyprus

[Akritas]

The Cypriot economy in 2021 recovered the output lost during the 2020 Covid crisis and will continue to grow at an average rate of 3.7% in the years 2022–2024, the Central Bank of Cyprus expects. In its economic bulletin, it also stresses that risks to the baseline scenario are balanced, albeit slightly on the upside concerning inflation.
The Central Bank of Cyprus said that following the downturn of 5.2% in 2020, the economy is projected to bounce back with 5.6% in 2021, followed by a growth rate of 3.6%, 3.7% and 3.8% in 2022, 2023 and 2024 respectively.
The growth drivers will be the recovery of domestic consumption and net exports, the CBC said, forecasting a continued reduction of unemployment, which is estimated to decline to 5.6% by 2024.
The CBC projects a significant rise in inflation, estimated to reach 2.2% in 2021 and 2.5% in 2022, mainly due to the sizable price increases in energy and supply bottlenecks.
Inflation will be moderate in the coming years, with the CPI estimated to decline to 1.2% in 2023 and 1.5% in 2024. On tourism, the CBC said the industry’s performance was better than anticipated, with arrivals in January-October at 46% of the pre-COVID levels.

Economy of Cyprus to keep growing | eKathimerini.com

The Cypriot economy in 2021 recovered the output lost during the 2020 Covid crisis and will continue to grow at an average rate of 3.7% in the years 2022–2024, the Central Bank of Cyprus expects.

www.ekathimerini.com

 

[Akritas]

The €1.2-billion project for the joint redevelopment of the Larnaca port and the Marina area is on track for implementation, Minister of Transport, Communications and Works, Yiannis Karousos, said on Wednesday.
The project provides for the expansion and redevelopment of the existing Larnaca Port and Marina in combination with the real estate development of the area.

Redevelopment of Larnaca port and Marina on track for implementation, Minister says

The €1.2-billion project for the joint redevelopment of the Larnaca port and the Marina area is on track for implementation, Minister of Transport, Communications and Works, Yiannis Karousos, said on Wednesday.Karousos was briefed today by the holder of the contract, Kition Ocean Holdings, over the

in-cyprus.philenews.com

 

[Pantelis]

Despite a greater percentage increase in Cypriot exports compared to imports, the island’s trade deficit increased in 2021 by 349 million euros compared to 2020, reaching €5.24 billion, with the European Union being the main source of goods to Cyprus with €5.51 billion of total imports.

According to the Cyprus Statistical Service (CyStat), the trade deficit amounted to €5.2445 billion for the period January-December 2021, compared to €4.8955 billion in the corresponding period of 2020.

In particular, total imports of goods (from EU member-states and third countries) for 2021 came to €8.5312 billion, compared to €7.6421 billion for 2020, an increase of 11.6%.

Total exports of goods in 2021 added up to €3.2867 billion compared to €2.7466 billion in 2020, an increase of 19.7%.

The EU was the main source of goods supplied to Cyprus, accounting for €5.5196 billion of total imports, while imports from other European countries reached €659 million. Imports from the rest of the world totaled €2.3526 billion.

Exports to the EU amounted to €874.8 million, while exports to other European countries stood at €411.4 million. Exports to the rest of the world were just over €2 billion.