Driven by strong growth in Cyprus's tourism, financial services, and construction sectors, the country's economy performed exceptionally well in 2015, successfully emerging from the economic crisis with a 1.6% growth rate, the highest in seven years. Investors immigrating to Cyprus have great confidence in the country's economy. Cyprus has officially announced that it will exit the international bailout program agreed upon with rescue institutions at the end of this month. Cyprus will also become the fourth Eurozone country to exit a bailout program, following Ireland, Spain, and Portugal.
Cypriot Finance Minister Harris Georgiades, who is attending the Eurogroup meeting of finance ministers in Brussels, told reporters after the meeting that the economic recession in Cyprus is a thing of the past and that Cyprus will continue to promote reform measures to consolidate economic growth.
Official data from Cyprus shows that the country's economy grew by 1.6% in 2015 and is expected to grow by 2.0% in 2016. Currently, Cyprus's public debt accounts for 106% of its Gross Domestic Product (GDP), and this ratio is expected to fall to 91% by 2020.
Eurozone finance ministers expressed their appreciation for the reform efforts Cyprus has made under the bailout program over the past three years. International Monetary Fund (IMF) Managing Director Christine Lagarde subsequently issued a statement welcoming Cyprus's successful exit from the bailout program, while emphasizing that Cyprus should continue its reforms in the future.
In March 2013, the Cypriot government reached a 10 billion euro bailout agreement with rescue institutions, including the "Troika" consisting of the European Commission, the European Central Bank, and the International Monetary Fund. Under the agreement, Cyprus implemented a series of adjustments to its national economy.