Commentary and analysis on markets, personal finance, and wealth building from a contrarian perspective. "I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting there and trying to dream it up all yourself. Nobody’s that smart."
— Charlie Munger
In 2016, Cyprus saw a 3% rise in GDP where the same figure
in 2015 was 1.6% and a disastrous -5.9% in 2013. Progress can be proven through
various other figures:
opportunities compared to the previous year have risen by 12.8%
private consumption rose by 2.4%
rose by 5.4%
rose by 4.2%.
Cypriot politicians are not yet satisfied. In 2017, huge
projects are expected: for example, the management of the biggest port in
Cyprus in the Southern city of Limassol will be transferred into the hands of
investors from Dubai and Germany, adding another port on the Eastern side of
the island in “Ayia Napa” (best known as the Cypriot Ibiza). Surprisingly,
after all the years that casinos have been considered illegal in the country,
the creation of the biggest casino in Europe will kicked off at the beginning
of this year.
Lastly, on 20 December 2016, the cabinet agreed on
negotiating with ExxonMobil, Qatar Petroleum, Eni and Total for the hydrocarbon
exploration and exploitation of three blocks in the southern side of Cyprus.
The latter two energy giants, along with South Korea’s KoGas, already have
permits for four other blocks, while the first oil and gas licensing round was
kicked off by Noble Energy in 2007.
Lots of good things happening in Cyprus. This is why I am a big advocate of Bank of Cyprus. We continue to see improvement s in all of the bank's metrics as the year goes on. We should also see a listing for the Bank's stock in London in the first part of this year.