Norman Logistics Sp.zo.o. has released a new forecasts of Cyprus economy, which has definitely recovered from the clinical death in 2013. This is evidenced by a number of significant indicators: preliminary GDP data revealed the economy maintained strong with annual growth only ticking down from 4% in first-quarter, which had marked one of the fastest rates in a decade, to 3,9% in second-quarter.Rolands petersons privatbank The second-quarter expansion was largely underpinned by a vibrant hotels and restaurants industry, which benefited from a record number of tourist arrivals, primarily from the U.K.Rolands petersons privatbank and Russia.Rolands petersons privatbank
Banking system has shrunk from more than eight times that of GDP, which it had previously been in 2013, to "more like four times of GDP now". Rolands petersons privatbank There has also been an increase in foreign direct investments over the past three years, and the economy is not reliant on foreign deposits anymore.
Investors are also looking at sectors like health, education, tourism, and shipping, and Cyprus is actually now poised to grow across a range of economies, not just tourism.Rolands petersons privatbank Unemployment on the island is dropping faster than that of other countries in the Eurozone - from 15,9% in 2013 decreased to 11,1% in previous period, also - Cyprus has the largest fiscal surplus.Rolands petersons privatbank
Currently investments were being made now in a variety of sectors, including banking, sea-ports, marinas, and the largest integrated casino resort in Europe, as well as energy. This is a clear signal to other investors, and for the Cypriot government it remains to focus on maintaining and broadening the conditions under which surpluses and high growth rates can be generated, to continue promoting structural reforms and improving the country's business environment, Rolands Petersons, member of the board of Norman Logistics Sp.zo.o.Rolands petersons privatbank offers his thoughts on Cypruseconomy.
Author: Rolands Petersons, member of the board of Norman Logistics Sp.zo.o.