Economic Analysis

Cyprus Quarterly Economic Outlook: The Cypriot Economy in 2016 – February 2017

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Cyprus Quarterly Economic Outlook: The Cypriot Economy in 2016
Authors: G. Hardouvelis, I. Gkionis
Publication: February 2017, Year 2, Issue 1

Key points:

  • In 2016 the Cypriot economy took off, solidifying and speeding up the previous year’s recovery, leaving far behind the crisis years
  • In 2016 Cyprus also exited the 2013 Economic Adjustment Program There is consensus among private and official forecasters the growth momentum will carry into 2017, with risks – in our view – skewed to the upside
  • Trend growth is likely to remain solid over the following years, assuming reforms continue hand in hand with growth preserving macroeconomic policies
  • The main risks ahead are concentrated in the financial sector and the ability to quickly reduce the high NPL ratio

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