Sunday, May 28, 2017

Cyprus economic growth could reach 3%

Daily Star:

Cyprus’ economic growth is projected to pick up from 2.8 percent this year to around 3 percent annually over the next two years, the governor of the east Mediterranean island’s Central Bank said Friday.

(snip)

Georghadji said risks include the potential impact of Britain’s departure from the European Union as well as a slower-than-expected reduction in the island’s huge number of bad loans. Among the positive developments, she cited ongoing offshore oil and gas search.

Bank of Cyprus will report earnings next week. I expect continued progress on reducing non-performing loans. With economic growth and vacationers returning to Cyprus I am confident that the banking issues will continue to be less and less of an issue.

I am also looking forward to the development of the huge gas reserves offshore Cyprus which could fundamentally change the entire economy.

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