Monday, December 26, 2016
Cyprus central Bank ups economic forecast
The Central Bank of Cyprus (CBC) has revised upwards economic projections for the eastern Mediterranean island, expecting growth over the next three years to be an annual average of 3.0 percent.
CBC's December Economic Bulletin, the last for this year made available on Friday, said recent economic indicators, especially for tourism, have shown a more positive trend than expected. As a result, this year's growth has also been revised up, with the gross domestic product (GDP) expected to rise close to 2.8 percent.
From 2017 through 2019, the country's GDP growth is projected to be 2.8 percent, 3.0 percent and 3.0 percent, respectively. Cyprus was bailed out in 2013 and returned to growth in the fourth quarter of 2015. Its economy has been on the rise after recovering from a deep recession that lasted 12 consecutive quarters.
2017 might be the year Bank of Cyprus stock finally gets revalued higher