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Cyprus News Agency: News in English, 08-04-29

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <http://www.cyna.org.cy>


CONTENTS

  • [01] FINANCE MINISTER COMMISSIONS FORECAST

  • [01] FINANCE MINISTER COMMISSIONS FORECAST

    Cypriot Minister of Finance Charilaos Stavrakis has expressed satisfaction with the European Commissions economic forecast for the Cypriot economy between 2008 and 2009.

    Stavrakis said Tuesday that the Cyprus economy continues to grow at a twofold pace compared to the eurozone average, adding that this is a very significant achievement which shows the sound fundamentals of our economy. We have taken up a very strong economy. The effort is to continue strengthening the competitiveness of the Cyprus economy, the Minister noted.

    Stavrakis said that the EU Commissioner for Economic and Monetary Affairs Commissioner Joaquin Almunia expects that the growth rate of the economy in the eurozone will fall to 1.7% compared to the previous prediction for 2008, which was 2.2%. He pointed out that the Cyprus economy will also show a decrease in its growth rate, from 4.1% to 3.7%, noting that this figure is still twofold as high as the Europe average.

    Stavrakis told journalists that according to the Commissions forecast, inflation in the eurozone will reach 3.6% and in Cyprus 3.75%. As regards to unemployment, the Minister said that Cyprus is fortunate to be one of the few EU countries with full employment conditions despite the influx of foreign workers.


    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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