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Cyprus: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus

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  • International Monetary Fund

Abstract

Growth moderated in 2023 with slowing consumption growth, lower services exports to Russia, and fading post-pandemic base effects. But growth has remained above the euro area (EA) average, supported by a continued recovery in tourism, expanding financial services and ICT activity, and strong investments. The labor markets are tight, with unemployment at a near two-decade low. Headline inflation dipped below 2 percent, but core inflation has been more persistent. Growth is expected to stabilize in 2024 and rise to 3 percent in the medium term.

Suggested Citation

  • International Monetary Fund, 2024. "Cyprus: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus," IMF Staff Country Reports 2024/137, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/137
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=549494
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