Oxford DMCC News - Cyprus shows an upturn in GDP growth sooner than anticipated

June 30, 2015 1:04 pm
Cyprus Luxury

The Republic of Cyprus’ Statistical Service revealed that the Cyprus Gross Domestic Product (GDP) marked an increase of 1.60% during the first financial quarter of 2015 in comparison to the same period a year before. The rise in GDP ranks the Republic of Cyprus the second European country (along with Romania) with the highest percentage of growth rate during the first financial quarter of 2015. The Czech Republic was ranked the first country with the highest growth rate throughout Europe.

Due to the effective financial restructure plans it implemented as well as its resilient economy, Cyprus marked an economic growth sooner than it was estimated in 2015. Although, these results are not long-term pointers, it is projected that the island will mark further growth within 2016. Regardless of the fact the island’s is still suffering from Non-Performing Loans (NPLs) as well as public debts, it seems to be re-emerging into the international market. In addition, Cyprus interest rates are showing a decrease and all the banks have removed restrictions, which were imposed when the financial crisis hit. The Cypriot economy seems to be recovering gradually due to the government’s efforts to attract foreign investments with a variety of incentive plans and Read More