Minister of Finance, Makis Keravnos, stressed on Thursday that the European Commission's Spring Forecasts confirm the resilience of the Cypriot economy in an environment of increased uncertainty that is directly affected by the armed conflicts.
The Minister said, in a written statement that, according to the Commission's forecasts, the growth rate of the Cypriot economy will reach 2.3% in 2026 and 2.7% in 2027, while maintaining the fiscal surplus at satisfactory levels and further reducing public debt.
He also noted that labour market conditions are expected to remain strong and employment is projected to increase by 1.3% in 2026, while unemployment is projected to decrease to 4.2%, which is the lowest level in the decade.
These performances of the Cypriot economy are maintained at comparatively higher levels than the average of the Eurozone and the European Union, Keravnos stressed.
The Minister noted that this is an important period during which, within the framework of the Cyprus Presidency of the Council of Europe, the country is hosting the informal Eurogroup and Ecofin Councils during the next two days, with the participation of all the Ministers of Finance and Governors of Central Banks of the European Union.
During this period, he added, the Spring Forecasts of the European Commission "encourage us as a government to continue with consistency, responsibility and discipline our economic policy that creates secure conditions for investments and incentives for the development of entrepreneurship, while giving due importance to protecting the economy from potential risks created by the ongoing uncertain international environment".
