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European Commission says growth definitely resumes in Cyprus

Xinhua, May 4, 2016 Adjust font size:

Growth has definitely resumed in bailed-out Cyprus and is expected to slowly gain strength, the European Commission said in its spring economic forecast on Tuesday.

A report by Commissioner Pierre Moscovici which was made available in Nicosia said that labor market conditions are improving in parallel along with growth and are expected to improve further.

Cyprus exited at the end of March a three-year economic adjustment program drawn by international lenders under a 10-billion-euro bail-out which pulled Cyprus back from the brink of bankruptcy.

During this program ,Cyprus managed to achieve a modest 1.6 percent growth after a cumulative recession of about 13 percent.

The commission said that growth this year is also expected to be 1.6 percent, though projections by the economic research center of the University of Cyprus put the growth at 2.4 per cent, slightly down from a previous estimate.

The commission also said that the debt in 2017 is expected to drop to 105.4 percent of Cyprus's annual Gross Domestic Product, on account of economic growth and primary surpluses.

The report estimated a positive budgetary primary balance of 2.2 percent and 2.4 percent in 2016 and 2017 respectively.(1 euro = 1.16 U.S.dollars) Endit