London – The European Bank for Reconstruction and Development (EBRD) revised significantly its projection for Cyprus’ growth rate this year, in the context of a wider upward revision of its forecasts for the EBRD regions.
EBRD estimates that the Cypriot economy will grow by 3.2% in 2018, up by 0.7% compared with the November 2018 projection.
“The EBRD has revised up economic forecasts for 2018 as a broad-based recovery continues across its regions, bolstered by stronger investment activity and higher exports,” the EBRD said in its 2018 economic forecasts.
EBRD estimates that Cyprus’ growth rate will moderate to 3% in 2019.
Meanwhile, seasonally adjusted Gross Domestic Product (GDP) rose by 0.4% in both the euro area (EA19) and the EU28 during the first quarter of 2018, and by 0.8% in Cyprus compared with the previous quarter, according to a flash estimate published by EUROSTAT, the statistical office of the European Union.
In the fourth quarter of 2017, GDP had grown by 0.7% in the euro area, by 0.6% in the EU28 and by 1.1% in Cyprus.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.5% in the euro area, by 2.4% in the EU28 and by 3.8% in Cyprus in the first quarter of 2018, after +2.8%, +2.7% and 4.0% respectively in the previous quarter.
During the first quarter of 2018, GDP in the United States increased by 0.6% compared with the previous quarter (after +0.7% in the fourth quarter of 2017). Compared with the same quarter of the previous year, GDP grew by 2.9% (after +2.6% in the previous quarter).
