Αssociated Press reports from Nicosia that Cyprus’ economy is expected to rebound by 4.5% of gross domestic product this year following a pandemic-induced contraction of around 5.5% in 2020, the country’s finance minister said Thursday.
Finance Minister Constantinos Petrides told an investment conference that the growth estimate comes attached with a “great level of uncertainty” because of how the pandemic may evolve.
The unemployment in Cyprus rate rose to an estimated 8% last year, which was less than anticipated, and it is projected to drop by a percentage point this year as economic activity picks up, according to Patrides.
The minister said the Cyprus government’s economic policy aims to put the debt on a downward trajectory this year to reach a target of 98% by 2023.
Read more at thenationalherald.com
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