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European Commission expects 3.2% & 3.1% growth for 2021-22 for Cyprus
February 11, 2021
The European Commission expects the economy of Cyprus to grow by 3.2% and 3.1% for 2021 and 2022 respectively, against a recession of 5.8% for 2020, according to its winter economic forecasts published today in Brussels.
More specifically, the European Commission notes that “the real GDP rebounded strongly in the third quarter of 2020 (+9.4% compared to the second quarter)”, and “this rebound was driven by domestic demand, which was mainly underpinned by fiscal stimulus, while exports of goods and services decreased”.