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Cyprus News Agency: News in English, 11-06-02

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From: The Cyprus News Agency at <>




    Developments in the Euro area and Greece affect the Cypriot economy and despite the looming economic growth, the external environment remains extremely fragile, Finance Minister warned on Thursday.

    Addressing the annual meeting of Cyprus` Association of Public Companies (the companies listed in the Cyprus Stock Exchange), Stavrakis recalled that the global financial crisis affected the Cypriot economy in 2009, which for the first time since the 1974 Turkish invasion, declined by 1,7%, despite its better performance compared with the Euro area average.

    He also recalled that after the measures taken by the government the Cypriot economy recorded growth of 1% in 2010, with prospects for significant growth in 2011 and 2012. IMF forecasts project economic growth of 1.7% of GDP in 2012 and a further acceleration in the region of 2.5% in 2012.

    ``Despite the projected acceleration of economic growth, the external environment remains extremely uncertain and fragile, mainly due to the problems some Euro area member-states are facing concerning their public debt and budget deficits,`` he stressed. He explained that these developments affect Cyprus mainly due to the connection of the Cypriot banking sector with the Greek banking sector and the Greek economy.

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