IMF sees growth at 0.2 per cent in 2015 and 1.4 per cent next year

By Andria Kades

The International Monetary Fund said Cyprus’s economy will grow a marginal 0.2 per cent this year after shrinking 2.3 per cent in 2014 before growth accelerates to 1.4 per cent in 2016.

The unemployment rate will drop from a 16.2 per cent in 2014 to 15.9 per cent this year, and will further drop to 14.9 per cent next year, the IMF said in its World Economic Outlook today. The current account will generate a 1.9 per cent of gross domestic product deficit this year, as much as it did in 2014 before the deficit shrinks to 1.4 per cent of GDP in 2016.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.