The Ministry of Finance confirms the capacity of Cyprus’s economy given the high growth rates, which reinforces the expectations for a positive continuation over the 4th quarter of 2021.
According to the estimation of the Statistic Service, the growth rate in the 3rd quarter of 2021 is positive and it is estimated at 5.3% compared to the same quarter of 2020, following the essential high growth rate of the 2nd quarter of 13.3%. The Ministry announced that”it is among the highest among Member States and above the average of Eurozone and EU, which is 3.7% and 3.9% respectively”.
The performance of Cyprus’s economy during the first nine months of 2021 is very close to the forecasted one, and the Ministry expects to continue performing positively in the 4th quarter of 2021. This makes the Cypriot economy one of the fewest in the European Union, whose rates will exceed the previous year’s losses.
The Ministry concludes that “with a rational economic policy and a considerate implementation of the National Plan for Recovery and Sustainability, the Cyprus economy will be able to achieve and maintain economic activity and employment at the high rate that existed before the pandemic.