Economy category powered by

Ministry of Finance projects GDP growth at 2.9% in 2024

GDP growth will be at 2.9% in 2024, according to the April projections published on the website of the Ministry of Finance.

For the years 2025-2027, GDP is expected to grow further by 3.1%, 3.2% and 3.3% respectively.

As for inflation, the Ministry of Finance projects that it will fall to 2.5% in 2024, while for the following years until 2027 it is expected to drop to 2%.

Unemployment rate will also follow a downward trend, from 5.8% in 2024 to 5.5% in 2025, 5.3% in 2026 and 5.1% in 2027.

Moreover, the budget balance is expected to remain in surplus. A surplus of 2.9% of GDP is expected for this year, while smaller surpluses are expected for the years 2025-2027, ranging between 2.8%, 2.6% and 2.1% respectively.

At the same time, a significant reduction in public debt is projected, which is estimated to fall to 70.6% of GDP in 2024, to continue its downward trend in 2025 to 65.5%, 59.2% in 2026 and 54.6% in 2027.

(Source: CNA)

Read More

Meeting between Cypriot and Greek professionals to promote business
One in two Cypriots finds it easy to start a business, survey finds
Dep. Minister to the President: Cyprus needs to double green investments
No official announcements after Christodoulides-Chinese Ambassador Vasiliko terminal meeting
Government to further support beekeeping, Agriculture Minister says
Construction Materials Price Index down by 1.57% in April
Tourist arrivals in April down 2.7%, up by 1.7% in first quarter
Supporting rural areas is a primary goal for the government, President says
Government pledges continuation of policies for strong and resilient economy
House President and Cyprus Union of Ship Owners discuss shipping challenges