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'Growth momentum moderates' in Cyprus according to Εuropean Commission Autumn Economic Forecast
CNA Athanasios Athanasiou - Belgium/Brussels 07/11/2019 13:02


"Growth momentum moderates" in Cyprus, according to the headline assessment of the European Commission`s Autumn Economic Forecast for the country, presented today by Commissioner Moscovici in Brussels.

According to the forecast, GDP growth is projected to 2.9% for 2019, 2.6% for 2020 and 2.3% for 2021. Unemployment will continue declining from 7.2% in 2019 to 6.3% in 2020 and 5.7% in 2021 and public debt will fall from 93.8% in 2019 to 87.8% in 2020 and 81.8% in 2021. Inflation will be 0.6% in 2019, 0.7 in 2020 and 1.3% in 2021 and the government budget surplus will remain high at 3.7%, 2,6% and 2,4% for the three years.

The European Commission recognizes that "risks to the fiscal outlook are on the downside", explaining that "key risks include the court cases that could lead to the reversal of civil service pay cuts implemented during the crisis as well as

(CNA)

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