Cyprus: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2024 Issue 137

Publication date: May 2024

ISBN: 9798400276408

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Topics covered in this book

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Labor , Money and Monetary Policy , Public Finance , International - Economics , Environmental Economics , EFF arrangement , EFF credit , property price statistics , credit sector restructuring , growth model , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Nonperforming loans , Labor markets , Middle East , Global

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Summary

Growth moderated in 2023 with slowing consumption growth, lower services exports to Russia, and fading post-pandemic base effects. But growth has remained above the euro area (EA) average, supported by a continued recovery in tourism, expanding financial services and ICT activity, and strong investments. The labor markets are tight, with unemployment at a near two-decade low. Headline inflation dipped below 2 percent, but core inflation has been more persistent. Growth is expected to stabilize in 2024 and rise to 3 percent in the medium term.