ECONOMY

Cyprus sees 2021 growth at 5.7%

Cyprus sees 2021 growth at 5.7%

The Cypriot economy expanded by 6% seasonally adjusted in the fourth quarter of 2021, while throughout the year the economy grew by 5.7% year-on-year, according to a flash estimate the Statistical Service of Cyprus (Cystat) published on Tuesday.

The continued high rate of growth in Q4 confirms the resilience and dynamism showed by the Cypriot economy and the soundness of the country’s policies, boosting expectations for further growth in 2022, Finance Minister Constantinos Petrides commented.

“Compared with other [European Union] member-states, this estimate of Cyprus’ growth rate is considerably better, both for the euro area as well as the EU,” Petrides said in statements after a Council of Ministers meeting.

The finance minister also said that the improved economic environment and the regaining of confidence are supported by the improved performance in the labor market, with the unemployment rate for the fourth quarter of 2021 estimated close to 6%, while the registered number of unemployed showed a steadily declining course, implying that unemployment in 2022 will be lower than pre-crisis levels.