Cyprus in 2019 marked its fifth consecutive year of economic expansion since the 2013 financial crisis, with the Ministry of Finance noting that the Cypriot economy lies on “a solid base” but efforts should continue to shield the economy.
According to data released by the Cyprus Statistical Service (Cystat), Cyprus’ real GDP grew in the fourth quarter of 2019 by 3.2%, marking twenty quarters of consecutive growth. For 2019 the economy also expanded by 3.2% in its fifth year of consecutive growth.
The Cypriot real GDP in absolute terms amounted to €21,346 million in 2019 while nominal GDP reached €21,943 million, marking 3.8% growth year on year.
The economy lies on a solid base
In a press release, the Cypriot Finance Ministry noted that “these developments show that the economy is premised on a solid base, while through growth new jobs are created improving the standard of living of our fellow citizens,” adding that this is confirmed from the rapid reduction in unemployment rate which fell to 7.1%.
“As the data show the government’s economic policy is bearing fruit both concerning income and the labour market,” the FinMin notes, adding however that “the effort should continue with seriousness and responsibility with a view to shielding and improving our country’s credibility.”