The high growth rates confirm the strength of the Cypriot economy, reinforcing expectations for the continuation of the positive outlook in the 4th quarter of 2021, the Ministry of Finance notes in a press release regarding the GDP growth rate in the 3rd quarter of the year.
According to preliminary estimates of the Statistical Service of Cyprus, the growth rate of the economy in the 3rd quarter of 2021 is positive and is estimated at 5.3% compared to the corresponding quarter of 2020, following a very high growth rate of 13.3% in the 2nd quarter of the year.
This rate, according to the announcement of the Ministry, “is one of the highest among the Member States and above the average of the eurozone and the EU, which is 3.7% and 3.9% respectively “.
The Ministry points out that “the high growth rates confirm the strength of the Cypriot economy, reinforcing expectations for the continuation of positive outlook in the 4th quarter of 2021”.
The performance during the first nine months, it is added, “is very close to the forecasts of the Ministry of Finance for the whole of 2021 and it is estimated that the Cypriot economy in 2021 will accelerate with a growth rate of at least 5.5%”.
“With a growth rate close to 5.5% for 2021, the Cypriot economy will be one of the few economies in the European Union, whose rate will exceed the losses of 2020,” it is added.
Finally, the Ministry notes that with a rational economic policy and prudent implementation of the National Recovery and Resilience plan, the Cypriot economy will be able to achieve and maintain economic activity and employment at the high rates recorded before the pandemic.
17/11/2021
Stockwatch
