Cyprus: Second Post-Program Monitoring Discussions-Press Release; Staff Report and Statement by the Executive Director for Cyprus

International Monetary Fund

No 2018/153, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses Cyprus’ Second Post-Program Monitoring Discussions. Cyprus’s economic recovery has strengthened. GDP growth has reached 3.9 percent in 2017, with upbeat activity concentrated in construction, tourism and professional services. The unemployment rate has continued to decline at a sustained pace, while moderate price and wage rises have supported competitiveness, helping to contain the increase in the current account deficit, despite higher imports. Improved economic conditions have supported robust fiscal revenue collection, contributing to a sizable primary surplus and a decline in the public debt ratio. The current strong expansion is forecast to extend well into the future, with growth inching up to 4 percent in 2018 and 4.2 percent in 2019.

Keywords: ISCR; CR; authority; Cyprus; policy; IMF staff estimate; growth momentum; public debt debt ratio; debt to GDP ratio; policy of wage; construction project; Nonperforming loans; Loans; Credit; Special purpose vehicle; Global (search for similar items in EconPapers)
Pages: 52
Date: 2018-06-06
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=45949 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2018/153

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().