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Cyprus News Agency: News in English, 11-06-02
CONTENTS
[01] STAVRAKIS - ECONOMY
[01] STAVRAKIS - ECONOMY
Developments in the Euro area and Greece affect the Cypriot economy and
despite the looming economic growth, the external environment remains
extremely fragile, Finance Minister warned on Thursday.
Addressing the annual meeting of Cyprus` Association of Public
Companies (the companies listed in the Cyprus Stock Exchange),
Stavrakis recalled that the global financial crisis affected the
Cypriot economy in 2009, which for the first time since the 1974
Turkish invasion, declined by 1,7%, despite its better performance
compared with the Euro area average.
He also recalled that after the measures taken by the government the
Cypriot economy recorded growth of 1% in 2010, with prospects for
significant growth in 2011 and 2012. IMF forecasts project economic
growth of 1.7% of GDP in 2012 and a further acceleration in the region
of 2.5% in 2012.
``Despite the projected acceleration of economic growth, the external
environment remains extremely uncertain and fragile, mainly due to the
problems some Euro area member-states are facing concerning their
public debt and budget deficits,`` he stressed. He explained that these
developments affect Cyprus mainly due to the connection of the Cypriot
banking sector with the Greek banking sector and the Greek economy.
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