IMF estimates Cyprus returning to growth in 2015

IMF estimates Cyprus returning to growth in 2015

 

Review Hari Stefanatos

According to IMF`s World Economic Outlook (April 2014) Cyprus’ economy is expected to grow by 0.9 of the GDP in 2015, following the 4.8% contraction expected for 2014.

According to the WEO, unemployment’s highest rate in 2014 will be at 19.2% compared to 2013’s 19.8% and will decline to 18.4% in 2015 busted by a modest economic growth. IMF staff estimates that the rate of unemployment has started showing signs of deceleration during the last months of 2013.

Cyprus` current account balance from -1.5% of GDP will reach a surplus of 0.1% in 2014 and will increase to 0.3% of GDP in 2015, while inflation in 2014 will remain at roughly the same levels as that if the previous year.

(Source CNA)