Saturday, March 11, 2017

Cyprus seeing record tourist traffic

Daily Star:

The economy of bailed-out eurozone member Cyprus grew for an eighth consecutive quarter, helped by record numbers of tourists flocking to the Mediterranean island, official figures showed Friday.

Gross domestic product grew 0.7 percent in the fourth quarter of 2016, maintaining the same pace of growth seen in the previous three-month period, Cyprus’ statistical service said. Compared with the same period of the previous year, GDP was up 2.9 percent.

(snip)

Last year more than 3 million tourists visited Cyprus, seen as a regional safe haven at a time when other traditionally popular destinations in the eastern Mediterranean have been hit by political upheaval and security fears. 

Things are looking up economically all over Europe. Inflation expectations are rising and I expect interest rates in the EU will be heading higher also. As rates headed higher in the US the US banks rallied and I assume the same will happen in Europe with European banks.

Still like Bank of Cyprus as the non performing loans go down and all the bank's metrics improve.

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