Cyprus Immigration observes Cyprus Business Immigration: The Cyprus government announced on the 19th that the economy of Cyprus has achieved growth in the first two quarters of this year, indicating that the Cyprus economy has officially emerged from recession after nearly three years of continuous decline.
Cyprus government spokesman Papadopoulos stated after the cabinet meeting that according to international conventions, an economy is considered to have emerged from recession when it experiences growth for two consecutive quarters. Data shows that as of the fourth quarter of last year, the Cyprus economy had been in decline for 11 consecutive quarters.
Papadopoulos stated that the growth rates for the first and second quarters of this year have been revised to 1% each. Previous data indicated that the economy grew by 0.5% and 0.9% in the first two quarters of this year, respectively. He indicated that forecasts suggest that the Cyprus economy will achieve growth for the entire year.
Papadopoulos mentioned that the Cyprus economy is on a path of development, and issues such as unemployment and non-performing loans in the banking sector will gradually be resolved.
Currently, the unemployment rate in Cyprus is approximately 15%, but it is on a downward trend; the amount of non-performing loans in the banking sector is €26.9 billion, accounting for about 46% of the total loans. Additionally, Cyprus needs to continue advancing the privatization processes in telecommunications, ports, and reorganizing the public sector.
The "troika" of the European Union, European Central Bank, and International Monetary Fund completed the seventh assessment of Cyprus's implementation of the bailout agreement in July, adjusting the economic growth forecast for Cyprus this year to 0.5%.
In March 2013, Cyprus, which was in economic and financial distress, reached a €10 billion bailout agreement with international rescue organizations. According to the agreement, Cyprus is required to adjust its economy and implement fiscal austerity measures.