Cyprus: Staff Report for the 2002 Article IV Consultation

International Monetary Fund

No 2003/030, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2002 Article IV Consultation highlights that after four years of strong growth, economic activity in Cyprus has tailed off since late 2001, affected by the global economic slowdown. The authorities estimate growth for 2002 to have declined to 2.3 percent, with falling tourist arrivals and weakening consumer and business confidence. Inflation has risen to 2.9 percent year-over-year in December on account of indirect tax increases, but core inflation remains low. The current account deficit is expected to have deteriorated in 2002 to 5.5 percent, on account of lower tourism receipts and temporary factors.

Keywords: ISCR; CR; deficit; growth; government; liberalization; estimate; staff appraisal; baseline staff growth projection; EU integration process; core inflation; Cyprus authorities; Cyprus population; EU membership; Fiscal consolidation; Exchange rates; Global; Middle East (search for similar items in EconPapers)
Pages: 47
Date: 2003-02-14
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